Join our Telegram group and receive breaking and trending news updates directly on your phone.
Join for News Updates ✕
By Barth Ikiebe in Abuja.
Nigeria’s Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has hosted a high-level delegation from the Saudi Fund for Development (SFD), led by its CEO, Mr. Sultan Al-Marshad in a major step toward strengthening economic cooperation.
Our correspondent reports that the meeting, which took place in Abuja on Friday, also featured the presence of Saudi Arabia’s Ambassador to Nigeria, His Excellency Faisal Alghamdi, Nigeria’s Minister of Trade and Investment, Dr. Jumoke Oduwole, and the Minister of State for Finance, Dr. Doris Uzoka-Anite.
The discussions focused on key areas of economic collaboration, including industrial development, renewable energy, and infrastructure investments aimed at driving economic growth, job creation, and poverty reduction.
“We have laid a strong foundation for collaboration, and over the next six months, we expect to make significant progress on our first joint infrastructure project”, Mr Edun stated.
He praised Saudi Arabia’s impressive economic achievements under its Vision 2030 initiative, particularly in the tourism and infrastructure sectors.
The Finance Minister also reaffirmed Nigeria’s commitment to similar ambitious reforms under the leadership of President Bola Ahmed Tinubu, aimed at creating a stable investment climate conducive to both domestic and foreign investments.
He stated that the visit marks an important milestone in efforts to foster sustainable development between the two nations.
“We are confident that through strategic planning and visionary leadership, we will achieve mutual prosperity,” Edun noted.
Mr. Sultan Al-Marshad reiterated Saudi Arabia’s dedication to fostering economic collaboration, confirming that the SFD is prepared to finance major infrastructure projects in Nigeria. He also proposed the appointment of a designated Nigerian counterpart to streamline project prioritization and communication for efficient execution.
Our Correspondent reports that the meeting highlights a renewed commitment by both Nigeria and Saudi Arabia to advance sustainable development and economic growth through strategic partnerships and shared priorities.
It is imperative to note that the meeting marks the beginning of a new era of economic cooperation between Nigeria and Saudi Arabia, especially as both countries are committed to working together to drive economic growth, reduce poverty, and create jobs.
