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Nigeria Anticipates Immediate Multi-Billion Dollar Investment From Saudi Arabia

© AP Photo / Sunday AlambaA man counts U.S. $100 bills at the craft and art market in Lagos, Nigeria, on Wednesday, Aug. 16, 2023.
A man counts U.S. $100 bills at the craft and art market in Lagos, Nigeria, on Wednesday, Aug. 16, 2023.  - Sputnik Africa, 1920, 12.11.2023
The reestablishment of a Nigeria-Saudi Arabia Business Council, originally proposed in 2019 by Crown Prince Mohammed bin Salman, is expected to pave the way for substantial investment flows.
Nigeria anticipates an immediate influx of multi-billion-dollar investments from Saudi Arabia following the establishment of a business council aimed at channeling funds into key sectors in Nigeria such as agriculture, oil and gas, energy, telecommunications, and technology.
According to Abubakar Atiku Bagudu, Nigeria's Minister of Budget and Economic Planning, the re-establishment of the Nigeria-Saudi Arabia Business Council, originally proposed by Crown Prince Mohammed bin Salman in 2019, is expected to pave the way for significant investment flows. A Saudi delegation is expected to visit the Nigerian capital, Abuja, to sign investment deals.
The council is set to replicate successful investment models from India, Indonesia, and Pakistan in Africa's largest economy, Nigeria, potentially amounting to several billion dollars.

"We expect to see significant investment flow immediately," Bagudu told Saudi media. "They told us that they are in the process of making additional investment decisions in Nigeria, which they hope to close before the end of the year."

Notably, the Saudi Agricultural and Livestock Investment Co. and other firms have shown interest in sealing significant deals within Nigeria by this year's end.
Both countries have also recently solidified investment and cooperation agreements, with Saudi Arabia affirming its commitment to aiding Nigeria's oil refinery overhaul and foreign-exchange reforms.
Oil installations at the Dangote refinery during the opening ceremony in Lagos, Nigeria, Monday, May 22, 2023.  - Sputnik Africa, 1920, 12.11.2023
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Saudi Arabia’s Minister of Investment, Kahlid El-Falih, emphasized the Kingdom's focus on implementation and action, assuring Nigerian President Bola Ahmed Tinubu of the readiness to finalize and execute the agreements.

"We know you are ready for business, so we do not want to come to Nigeria for any exploratory discussion. We are coming for implementation, it’s an action visit. It will be to sign and begin delivery on all agreements," El-Falih told the Nigerian leader.

Tinubu, in turn, assured Saudi Arabian investors of Nigeria’s readiness for business, emphasizing the removal of obstacles and the country's commitment to facilitating smooth investment processes.

"Your money will flow easily in and easily out. The arbitrage around our nation’s old foreign exchange policy regime and the corruption that was associated with it is also gone," the president told Saudi officials and investors in Riyadh. "We took on those bold endeavours from day one in preparation for serious investors like you seated here. The greatest opportunity for any entity to prosper lies in its human capital. My team is prepared."