President Bola Ahmed Tinubu, in a meeting with global investors in Riyadh, Saudi Arabia, assured them of Nigeria’s commitment to fostering a free-market economy.
He emphasized that all barriers hindering profitable investments have been removed, ushering in a market driven by the forces of supply and demand, free from government regulation.
Tinubu, accompanied by his team, declared the eradication of negative perceptions about Nigeria’s historical reputation in ease of doing business, monetary policy, and trade cooperation.
Nigeria, as Africa’s largest economy, is now declared “open for business,” as stated by Ajuri Ngelale, Special Adviser to the President on Media and Publicity.
The recent economic reforms are designed to boost investor confidence, with Tinubu expressing his belief in the potential of the Nigerian workforce, highlighting their education, innovation, and commitment to world-class services.
Khalid El-Falih, the Trade and Investment Minister of Saudi Arabia, commended President Tinubu’s straightforward remarks and announced a forthcoming visit to Nigeria with a large delegation of Saudi CEOs. The visit aims to focus on implementing agreements and formally inaugurating the Nigeria-Saudi Business Council.
Saudi Arabia’s Commerce Minister, Majid bin Abdullah Al Qasabi, discussed how Saudi Arabia can contribute to soft infrastructural reforms in Nigeria, emphasizing the importance of the services sector in boosting GDP.
Nigeria is set to become the pilot country for a World Economic Forum agreement aimed at streamlining supply chains and raising service standards to enhance economic and investment viability.
At the meeting, Alhaji Aliko Dangote, Chairman of Dangote Industries, assured Saudi investors that Nigeria, under President Tinubu’s leadership, is a global investment haven. He expressed the mutual value Nigerian companies can add to the Saudi economy, hinting at the forthcoming launch of the Nigeria-Saudi Business Council.
The investor roundtable saw the participation of numerous Saudi CEOs specializing in various sectors, including construction, finance, energy, healthcare, agriculture, aviation, telecommunications, and more, as they presented collaborative opportunities to President Tinubu.
In response, President Tinubu expressed his determination to be a partner in progress and prosperity, assuring that Nigeria would reward the faith of these investors.
The Nigerian government delegation included Executive Governors of Bauchi, Niger, and Katsina States, along with various ministers responsible for finance, budget and economic planning, industry, trade and investment, communications, agriculture, humanitarian affairs, and petroleum resources.
The Nigerian business delegation featured prominent figures such as Aliko Dangote, Gilbert Chagoury, John Coumantaros, Wale Tinubu, and other industry leaders, all expressing their commitment to strengthening partnerships and expanding opportunities in both countries.
