Nigeria’s President, Bola Ahmed Tinubu, is embarking on a mission to attract more foreign direct investment from the Arab nation by participating in the Saudi-Africa Summit and the Arab-Africa Summit. This strategic move aligns with President Tinubu’s efforts to bolster the Nigerian economy through investments in sectors that drive growth and employment opportunities.
During a briefing with State House correspondents, President Tinubu’s Special Adviser on Media and Publicity, Ajuri Ngelale, revealed that the President will first attend the Saudi-Africa Summit on November 10. This summit will address various areas of mutual concern, such as strengthening economic ties between the regions, counter-terrorism, environmental issues, and agriculture.
Ngelale emphasized that President Tinubu aims to lead Africa’s exploitation of the opportunities presented by the African Continental Free Trade Agreement (AfCFTA). This agreement establishes a single trade market for over one billion Africans. With the expectation that the African market will surpass $29 trillion by 2050, President Tinubu is determined to take proactive measures in leveraging these opportunities on behalf of Nigeria.
Furthermore, as the ECOWAS Chairman, President Tinubu will participate in the Arab-African League summit on November 11. In this role and with the mandate of heads of government, President Tinubu will advocate for deeper partnerships between the Arab nations and Africa, particularly in terms of infrastructure development and integration. One of the key objectives is to establish a high-speed train network linking Arab nations from the Middle East and Northern Africa to the rest of the African continent.
The outcomes of these two summits are expected to yield tangible results, including increased trade between the Kingdom of Saudi Arabia and all Arab nations, with specific emphasis on Nigeria as a leading economy in Africa. President Tinubu is passionate about leveraging Nigeria’s immense population and market potential. He remains committed to promoting and pursuing new foreign direct investment by meeting with investors from various sectors and actively seeking investments in sectors that fuel growth and job creation.
It is worth noting that Nigeria’s former president, Muhammadu Buhari, attended the Saudi-Africa Summit in October 2021. The upcoming Arab-Africa Summit in Riyadh aims to foster collaboration and cooperation between Arab and African nations, addressing global engagement with the African continent. The summit seeks to identify areas of cooperation, projects, and models to enhance bilateral and multilateral ties between Arab and African countries.
In conclusion, President Bola Ahmed Tinubu’s participation in the Saudi-Africa Summit and the Arab-Africa Summit demonstrates Nigeria’s commitment to attracting foreign investment and strengthening economic ties with Arab nations. These summits present invaluable opportunities for Nigeria to capitalize on the African Continental Free Trade Agreement and drive economic growth through strategic partnerships and investments.
