Nigeria, Saudi Arabia to deepen economic ties with export credit, infrastructure development

Nigeria and Saudi Arabia have commenced talks to deepen their economic ties with export credit and infrastructure development.

According to a statement from the ministry of finance on Tuesday, Wale Edun, minister of finance and coordinating minister of the economy, led a Nigerian delegation to Riyadh to strengthen economic cooperation with Saudi Arabia.

The ministry said Edun represented President Bola Tinubu and the presidential economic coordination council (PECC) during the official visit.

The statement said the delegation engaged in high-level discussions with the Saudi Export-Import (EXIM) Bank, focusing on developing export credit and insurance frameworks to boost market access between the two nations.

Also, the ministry said the bank expressed interest in deepening relationships with Nigerian institutions and participating in future transactions with Saudi government entities.

“Additionally, the delegation held strategic talks with the Saudi Development Fund to explore potential areas of collaboration aimed at boosting infrastructure and economic development in Nigeria,” the finance ministry said.

“The delegation also met with the Saudi Agricultural and Livestock Investment Company (SALIC) to advance ongoing conversations about their investments in Nigeria.”

The finance ministry said SALIC reiterated its commitment to seeking additional investment opportunities, emphasising its focus on responsible practices aimed at enhancing food security, boosting agricultural output, and creating jobs in Nigeria.

Also, the Nigerian delegation held discussions with prominent Saudi ministers including those responsible for finance, energy, and economy and planning, further strengthening bilateral collaboration across critical sectors.

Accompanying Edun on the delegation were Abubakar Bagudu, the minister of budget and national planning; Wale Tinubu, a member of the presidential economic coordination council; Sanyade Okoli, special adviser to the president on finance and the economy; and Muhammad Abdullahi, deputy governor for economic policy at the Central Bank of Nigeria (CBN).