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Finance Minister Olawale Edun and Budget and Economic Planning Minister Atiku Bagudu have highlighted the tangible benefits of Nigeria’s growing economic partnership with Saudi Arabia.
Following a follow-up visit to the Arab nation, the ministers briefed President Bola Ahmed Tinubu at his Ikoyi residence, noting significant gains in investments, foreign exchange inflows, and job creation.
Edun, who led the delegation, emphasized the direct impact of the Saudi-Nigeria collaboration.
“What we have brought back is investment. What we have brought back is foreign exchange. What we have brought back are jobs for Nigerians,” he said, referencing Saudi Agricultural Livestock Investment Company’s (SALIC) recent $1.2 billion investment in Olam Agri.
He described the deal as a testament to Nigeria’s improved macroeconomic stability under Tinubu’s leadership.
“This type of transaction reflects the success of Mr. President’s strategy. It demonstrates the confidence global investors have in the steps being taken to attract and encourage such investments,” the minister said.
Economic Diplomacy in Action
The mission to Saudi Arabia followed Tinubu’s earlier meeting with Saudi Crown Prince Mohammed bin Salman.
The ministers underscored how this partnership aligns with the President’s strategy to attract foreign direct investment, enhance trade relationships, and promote financial collaborations.
Edun noted that Saudi investments prioritize job creation for Nigerians as the Arab nation does not export its labour force.
He also highlighted the government’s efforts to combat inflation, particularly food inflation, through initiatives like dry-season farming.
“Where they invest, that is jobs for Nigerians.
“Every effort is being made to bring down the price of food and the cost of living for the average Nigerian.
“The proof of the pudding is in the eating. When you see jobs being created and Nigeria’s foreign reserves being added, that is success all Nigerians can understand,” he added.
Budget and Economic Outlook
Bagudu reassured Nigerians that the worst of the country’s economic challenges are behind them, citing the ₦47.97 trillion 2025 Appropriation Bill as a roadmap to improving living standards.
He stressed the budget’s focus on infrastructure, human capital development, and security while pledging better support for small businesses and farmers.
He remarked, “We have turned the bend. I think we have taken the tough choices; we have seen the worst we could see and not unexpected. That is why social protection was improved.”
Strengthening Ties with Saudi Arabia
Bagudu described President Tinubu’s leadership as pivotal in fostering a robust relationship with Saudi Arabia, drawing parallels between Tinubu’s reformist agenda and Crown Prince Mohammed bin Salman’s transformative initiatives in Saudi Arabia.
“Our engagements with Saudi officials demonstrated their confidence in President Tinubu’s leadership. They see in him someone who is taking bold steps to transform society, much like Crown Prince Mohammed bin Salman did for Saudi Arabia,” Bagudu noted.
He expressed optimism that the partnership would further bolster Nigeria’s foreign reserves and expand economic opportunities, cementing Tinubu’s reputation as a leader driving significant change on the global stage.
“The Saudis appreciate that our President has taken risks that are unusual, and they celebrate his courage and capacity. For me, that is the number one achievement for our country,” Bagudu concluded.
