Nigeria, Saudi to inaugurate business council as Tinubu commits to free market economy

President Bola Ahmed Tinubu has assured Saudi Arabian investors that Nigeria “will not disappoint” them, committing to the application of free market economics in the country.

Tinubu spoke on Saturday in Riyadh, Saudi Arabia, when he met with the country’s captains of industry, according to a statement by Ajuri Ngelale, presidential spokesperson.

A free market economy is driven by the market forces of supply and demand, as opposed to one regulated by the government.

In this type of economic system, sellers of different goods do not face any barriers as the government does not control how resources are allocated or exchanged in the economy.

At the meeting with the Saudi government, Tinubu also said the country is open to doing business, adding that all bottlenecks have been removed.

“I believe in the full application of free market economics. Your money will flow easily in and easily out. The arbitrage around our nation’s old foreign exchange policy regime and the corruption that was associated with it is also gone,” the president said.

“We took on those bold endeavours from day one in preparation for serious investors like you seated here. The greatest opportunity for any entity to prosper lies in its human capital. My team is prepared.

“We can produce. Our market is full of Nigerian youths who are brilliant, highly educated, industrious, and passionate about innovation and engagement with world-class services.

“The navigation of the ship of this great nation lies in the membership seated here. We are ready to answer all of your questions directly, even into this night if need be. 

“The sky is not just the limit, but it is the destination for our two countries and peoples.”

NIGERIA-SAUDI BUSINESS COUNCIL

On his part, Kahlid El-Falih, Saudi Arabia’s trade and investment minister, said Nigerians can expect that the Saudi investment community would respond not in words alone, but with substantial new investment across several sectors of the Nigerian economy.

“The minister of commerce and I will be visiting Nigeria either before the end of this year or very early next year with a very large delegation of Saudi CEOs from all key sectors,” El-Falih said.

“We know you are ready for business, so we do not want to come to Nigeria for any exploratory discussion. We are coming for implementation. It is an action visit.

“Mr. President, you agree with me that good intentions alone will not take us anywhere, so we will prepare well with your team and our investors will align with your officials, beginning now, to develop a concrete work plan of investments in the key sectors for takeoff when we meet again.

“When we meet soon in Abuja, it will be to sign and begin delivery on all agreements. We will also use the opportunity to formally inaugurate the Nigeria-Saudi Business Council.

Aliko Dangote, chairman of Dangote Group, told Saudi investors that Nigeria is the “world’s best-kept secret in terms of investments and returns”.

“We are also looking to ensure that our investments are a two-way process. Nigerian companies have a lot of value to add to the Saudi economy, and we look forward to working together,” he said.

Dangote said the soon-coming launch of the Nigeria-Saudi business council will be a huge opportunity for both countries to expand.