Wale Edun, minister of finance and coordinating minister for the economy, says that Nigeria is the right place for Arab investments due to the resources the country possesses.
Edun, who spoke on the sidelines of the Saudi Arab-African economic conference in Riyadh on Friday, said Nigeria has the natural resources and infrastructure that can be invested in.
According to a post by the finance ministry on its X, formerly Twitter, account, he said the Arab nations are looking to diversify their investments to expand their sources of income in case oil revenue dwindles.
The minister also said there is a tremendous market opportunity for both Africa and the Arab nations due to their share of the global population.
Advertisement
“Between Arab world and Africa, is about 18 percent of world population. 1.5 billion people. If they come together and cooperate, definitely, that kind of market has tremendous opportunity,” Edun said.
“Not least of all, the Arab world is blessed with riches, and they are looking to invest — looking for long-term investment opportunities that will help them to keep earning and keep having funding, even when oil revenues dwindle.
“And on that basis, Africa, and Nigeria in particular, is a veritable home for such investment funds. We have the natural resources that can be invested in, we have the solid minerals, we have infrastructure opportunities, as well of course, as manufacturing and processing.”
Advertisement
Edun said these are areas that are of interest to the Arab world; so the Nigerian government is at the summit to tell them that Nigeria, under President Bola Tinubu, is open for business.
Add a comment
