President Bola Tinubu reaffirmed the safety of potential Saudi Arabian investors’ interests in Nigeria during the first Saudi-Africa Summit in Riyadh, Saudi Arabia. The summit, held last Friday, provided a platform for President Tinubu to reassure investors of Nigeria’s readiness for business and the security of their investments, promising significant returns.
“I also wish to assure all potential Saudi investors of the safety of their investments based on the sanctity of the rule of law and good returns on their investments in the largest economy in Africa,” President Tinubu declared, emphasizing the importance of the early inauguration of the Nigeria-Saudi Business Council.
President Tinubu also utilized the occasion to advocate for increased collaboration between Nigeria and the Kingdom of Saudi Arabia in combating terrorist organizations, such as Boko Haram, ISWAP, and other violent extremist groups that have plagued the Lake Chad and Sahel regions of Africa for an extended period.
He further highlighted the long-standing mutual relationship between Nigeria and Saudi Arabia, noting the bilateral cooperation’s evolution from being hajj-centric to encompassing various areas of common interest, spanning over six decades. President Tinubu expressed pleasure over the significant presence of Nigerian professionals, including skilled medical practitioners and professional football players, in Saudi Arabia.
Furthermore, he underscored the effective utilization of international platforms by both nations to enhance their interaction and coordination, citing their memberships in the UN, OPEC, the International Energy Forum, G77, Islamic Development Bank, and Digital Cooperation Organisation.
President Tinubu’s remarks emphasized the ongoing diversification of Nigeria’s economy, aiming to reduce its dependence on oil and promote sustainable development. He highlighted his administration’s significant economic reforms, including the removal of petroleum subsidies and the consolidation of the foreign exchange market, designed to enhance the ease of doing business in Nigeria. He expressed gratitude for the Kingdom’s humanitarian interventions in Nigeria through the King Salman Humanitarian Aid and Relief Centre.
Touching on the impact of climate change on Africa, President Tinubu acknowledged its role in accelerating desertification and flooding in Nigeria and other African countries. He praised the Kingdom’s efforts in combating the effects of climate change while outlining Nigeria’s initiatives to mitigate these effects and address energy poverty, including the launch of a data-driven Energy Transition Plan aimed at achieving net-zero emissions by 2060.
Furthermore, President Tinubu announced Nigeria’s full support for Saudi Arabia as it prepares to host the 2034 FIFA World Cup and the 2030 World Expo. He reiterated Nigeria’s call for an immediate ceasefire and peaceful resolution of the conflict in the Middle East, particularly in Palestine.
Through his powerful and strategic address at the summit, President Bola Tinubu effectively positioned Nigeria as an attractive and secure investment destination for Saudi Arabian investors, while also underscoring the nation’s commitment to global peace, economic diversification, and sustainability initiatives.
