The Nigerian government has called on Saudi Arabia to expedite a proposed $5 billion investment, following the recent Arab-Islamic summit which concluded on Monday.
Bayo Onanuga, spokesman for the Nigerian presidency, revealed that Saudi Crown Prince and Prime Minister Mohammed bin Salman assured President Bola Tinubu of Riyadh’s commitment to supporting Nigeria’s economic reforms. The two leaders met in Riyadh on the summit’s sidelines to discuss potential areas of collaboration, including oil and gas, agriculture, infrastructure, and the establishment of a Saudi-Nigeria Business Council.
Notably, Saudi Arabia’s Agricultural and Livestock Investment Company (SALIC) made a significant move in 2022, acquiring a 35% stake in Nigeria’s Olam Agri with an investment of $1.24 billion. This venture marks an initial step in deepening economic ties between the two nations.
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