Riyadh: Prince Mohammed Al Saud, the Saudi Crown Prince and Prime Minister of Saudi Arabia, has assured Nigeria of support in its economic reform programmes. The Crown Prince gave the assurance during a meeting with President Bola Tinubu on the sidelines of the joint Arab-Islamic Summit in Riyadh, Mr Bayo Onanuga, the president’s spokesman, said in a statement.
According to News Agency of Nigeria, the two leaders explored potential areas for cooperation, particularly in the fields of oil and gas, agriculture, infrastructure, and the constitution of the Saudi-Nigeria Business Council. Nigeria is seeking an agreement with the Saudi government for a proposed five billion dollars bilateral trade facility between the two countries.
The Saudi Agricultural and Livestock Investment Company (SALIC) made a significant investment of $1.24 billion in 2022, acquiring a 35.43 percent stake in Olam Agri, one of Nigeria’s leading agricultural firms. Discussions are underway for SALIC to increase its stake, with hopes that
the investment will position Olam as one of the largest agro-allied businesses globally.
Prince Mohammed Al Saud commended President Tinubu’s economic reforms, noting their similarities with steps he took to bolster Saudi Arabia’s stability and development upon becoming Prime Minister. He assured Nigeria of his support and committed to motivating his team to achieve the various partnerships discussed during the meeting.