Wale Edun: Saudi Arabia’s $1.2bn investment will create more jobs for Nigerians

Wale Edun, minister of finance, says more local jobs are expected in the coming year as a result of Saudi Arabia’s drive to ramp up investment in key sectors of the economy.

Edun spoke on Sunday after meeting President Bola Tinubu in Ikoyi, Lagos.

The minister’s statement comes after a high-level delegation to Saudi Arabia, to follow up on Tinubu’s earlier engagements with Saudi Crown Prince Mohammed bin Salman.

He also highlighted the Saudi Agricultural Livestock Investment Company’s (SALIC) acquisition of a 35.43 percent stake in Olam Agri Holdings for $1.24 billion.

 “What we have brought back is investment. What we have brought back is foreign exchange. What we have brought back is jobs for Nigerians,” he said.

According to Edun, the efforts are part of the federal government’s broader strategy to attract foreign direct investment (FDI), trade partnerships, and financial collaborations.

He also described SALIC’s investment as a testament to the president’s reforms and the stabilisation of Nigeria’s macroeconomic environment.

“This type of transaction reflects the success of Mr. President’s strategy. It demonstrates the confidence global investors have in the steps being taken to attract and encourage such investments,” Edun added.

The minister said the investments translate into direct job creation for Nigerians, noting that Saudi Arabia’s focus on investing abroad does not include exporting its own labour force.

“Clearly, where they invest, that is jobs for Nigerians,” Edun said.

The minister reiterated the government’s ongoing efforts to reduce inflation, particularly food inflation, through initiatives like the dry-season farming, aimed at ensuring a bountiful harvest and lower food prices.

“Every effort is being made to bring down the price of food and the cost of living for the average Nigerian,” he said.

“The proof of the pudding is in the eating. When you see jobs being created and Nigeria’s foreign reserves being added to, that is success all Nigerians can understand.”

‘BETTER LIVES FPR NIGERIANS’

Also speaking after the meeting, Atiku Bagudu, minister of budget and economic planning, assured Nigerians that the worst of the nation’s economic difficulties are over.

Bagudu said the 2025 budget is expected to bring about noticeable improvements in living standards.

“We have turned the bend. I think we have made the tough choices; we have seen the worst we could see and not unexpected. That is why social protection was improved,” the minister said.

The minister also outlined the national assembly’s priorities for the 2025 budget.

He said the average Nigerian, especially small-scale farmers and traders, may anticipate improved business support, a stronger economy, lower inflation, and more job possibilities.

“The budget also prioritises better security, human capital investment, and infrastructure development,” he said.

“The quality of life will get better.”

Speaking on expanding ties with Saudi Arabia, Bagudu said Nigeria’s engagements with “Saudi officials demonstrated their confidence in President Tinubu’s leadership”.

“They see in him someone who is taking bold steps to transform society, much like Crown Prince Mohammed bin Salman did for Saudi Arabia,” he said.

“The Saudis appreciate that our President has taken risks that are unusual, and they celebrate his courage and capacity. For me, that is the number one achievement for our country.”

Bagudu expressed optimism that the deepening ties with Saudi Arabia would lead to increased investment, bolstering Nigeria’s foreign reserves and strengthening economic cooperation.