Saudi Arabia ready to invest billions of dollars in Nigeria

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Saudi Arabia Prince, Mohammed bin Salman, has expressed the willingness of Saudis to invest billions of dollars in Nigeria if given favourable business environment.

The crown prince who disclosed this during a meeting with President Buhari in Riyadh on Thursday, said that Saudis have invested 70 billion U.S. dollars in India, Pakistan and Indonesia, added that they are willing to also invest in Nigeria if given a conducive business atmosphere.

THE NATION reports that the Nigeria leader and Prince Salman also agreed to establish Nigeria- Saudi Council aimed at promoting investments and enhancing relations between both countries.

The Council which will be established in the next two months, will be made up of government officials and business leaders from both countries and the areas of focus are: economic growth and development, investments in oil and non-oil sectors, and security cooperation.

While thanking the Crown Prince for the Kingdom’s interest in investing in Nigeria and the initiative to establish the Council, President Buhari, promised that enabling a conducive business environment will remain a priority for his administration.

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Buhari had on Wednesday in Riyadh while attending Future Investment Initiative (FII) conference, welcomed the commitment if Saudi energy company Aramco and Public Investment Fund (PIF) to explore areas of collaboration for investment in Nigeria.

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The third annual conference had world leaders as well as business leaders, innovators and policymakers from the Americas, Asia, Africa, Europe and Middle East in attendance.

In a statement released by the Senior Special Assistant to Buhari on media and publicity, Garba Shehu, President Buhari reaffirmed Nigeria’s solidarity with Saudi Arabia in the aftermath of the recent attacks in Aramco oil facilities, and welcomed the collaboration of the Saudi energy company and PIF in Nigeria oil and gas sectors, including partnership with NNPC to revive the country’s refineries.

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