Saudi Crown Prince Commends Tinubu Over Economic Reforms
Presidential spokesman, Bayo Onanuga, disclosed this in a statement at the sidelines of the Joint Arab-Islamic Summit in Riyadh, the capital of Saudi Arabia.
He said Tinubu and Salman explored areas for cooperation, particularly oil and gas, agriculture, infrastructure and the constitution of the Saudi-Nigeria business council.
“The Crown Prince commended President Tinubu’s economic reforms, noting similarities to his steps to strengthen Saudi Arabia’s stability and development when he became Prime Minister,” the statement read.
“He also assured Nigeria of his support and promised to motivate his team to realise the various areas of partnerships discussed at the meeting.”
According to Onanuga, Nigeria is seeking an agreement with the Saudi government over a proposed $5 billion bilateral trade facility between the two countries.
“The Saudi Agricultural and Livestock Investment Company (SALIC) invested $1.24 billion in 2022 to acquire a 35.43% stake in Olam Agri, one of Nigeria’s leading agricultural firms,” the statement reads.
“Talks are being held so that SALIC can have more stake in the company. The Saudis hoped the investment would make Olam one of the biggest agro-allied businesses in the world,” he stated.
SAUDI CROWN PRINCE PRAISES NIGERIA’S ONGOING REFORMS, ASSURES OF SUPPORT The Saudi Crown Prince and Prime Minister of Saudi Arabia, Prince Mohammed bin Salman bin Abdulaziz Al Saud, has assured Nigeria of support in its economic reform programmes. The assurance came when the Crown Prince and President Bola Ahmed Tinubu met on Monday in Riyadh on the sidelines of the joint Arab-Islamic Summit. The two leaders explored potential areas for cooperation, particularly oil and gas, agriculture, infrastructure and the constitution of the Saudi-Nigeria Business Council. Nigeria wants an agreement with the Saudi government over a proposed $5 billion bilateral trade facility between the two countries. The Saudi Agricultural and Livestock Investment Company (SALIC) invested $1.24 billion in 2022 to acquire a 35.43% stake in Olam Agri, one of Nigeria’s leading agricultural firms. Talks are being held so that SALIC can have more stake in the company. The Saudis hoped the investment would make Olam one of the biggest agro-allied businesses in the world. The Crown Prince commended President Tinubu’s economic reforms, noting similarities to his steps to strengthen Saudi Arabia’s stability and development when he became Prime Minister. He also assured Nigeria of his support and promised to motivate his team to realise the various areas of partnerships discussed at the meeting. At the meeting with the Crown Prince were the Saudi Minister of National Guard, Prince Abdullah bin Bandar bin Abdulaziz, the Minister of Defense, Prince Khalid bin Salman bin Abdulaziz, and several senior officials. Meanwhile, the Joint Arab-Islamic Summit has renewed the mandate of Nigeria and other member states on the Ministerial Committee assigned to engage with global leaders in seeking an end to the ongoing war in Gaza and Lebanon. This decision was part of the resolution issued after the extraordinary Joint Arab-Islamic Summit, which took place in Riyadh, Saudi Arabia, on November 11, 2024. President Bola Tinubu and other leaders from the Organisation of Islamic Cooperation (OIC) and the League of Arab States were in attendance. The Joint Arab-Islamic Ministerial Committee, led by the Kingdom of Saudi Arabia, was formed by a resolution at the First Joint Arab-Islamic Summit in Riyadh on November 11, 2023. The group includes the foreign ministers of Nigeria, Egypt, Qatar, Turkey, Indonesia, Palestine, and Jordan. In its final resolution, the summit urged the Ministerial Committee to “intensify its efforts and expand them to include working on ending the aggression on Lebanon.” The committee will submit periodic reports, which the secretariats of the OIC and the League of Arab States will circulate to member states. The Committee has also been tasked with further engaging actors across the Global South in the efforts to strengthen international support towards ending the war and Israeli occupation.
