'Your investments are safe in Nigeria' - President Tinubu tells Saudi investors

President Bola Tinubu has assured potential investors in Saudi Arabia of a safe investment environment in Nigeria.

Speaking at the Saudi-Africa Summit in Riyadh, President Tinubu emphasized Nigeria’s business readiness and assured investors about experiencing some of the highest returns on investment globally.

In a statement from his Special Adviser on Media and Publicity, Ajuri Ngelale, President Tinubu shared that Nigeria is currently engaged in the process of economic diversification, aiming to move beyond dependence on oil and achieve lasting development.

The President emphasized Nigeria’s commitment to strengthening collaboration with Saudi Arabia in the fight against terrorist organizations like Boko Haram, ISWAP, and other violent extremist groups. These entities have been causing havoc in the Lake Chad and Sahel regions.

He said: “Nigeria and Saudi Arabia have always enjoyed a special relationship at both the bilateral and multilateral levels. Within the past six decades, our bilateral cooperation, which was initially hajj-centric, has witnessed diversification to cover several areas of common interest.

“It is delightful to note the presence in this great Kingdom of a large number of our compatriots and professionals, including highly skilled medical practitioners and professional football players.

“As members of several international organizations, including the UN, the Organization of Petroleum Exporting Countries, the International Energy Forum, the G77, the Islamic Development Bank, and the Digital Cooperation Organization, among others, our two nations have effectively used these and other platforms to enhance close interaction and coordination.

“I am confident that our joint positive disposition within these platforms will continue to be demonstrated as we seek to advance our mutual interests.”

Nigeria Seeks Diversification in Bilateral Investments

Furthermore, the President said that Nigeria is seeking a bilateral relationship that borders on diverse trade and investment opportunities.

He stated that the country is putting forward policies to redirect its economy from oil dependency to other sectors to generate revenue.

“Nigeria, like the Kingdom, is diversifying its economy away from oil dependence to promote sustainable development.

My administration has undertaken bold economic reforms by removing wasteful subsidies on petroleum and merging our foreign exchange market, among other incentives aimed at improving the ease of doing business in Nigeria.

“I also wish to assure all potential Saudi investors of the safety of their investments based on the sanctity of the rule of law and good returns on their investments in the largest economy in Africa.

In this regard, the benefit attached to the early inauguration of the Nigeria-Saudi Business Council cannot be over-emphasized,” the President added.

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Earlier, Nairametrics reported that Nigeria signed an MoU with Saudi Arabia on oil and gas cooperation.

This is according to Sen. Heineken Lokpobiri, Nigeria’s Minister of State for Petroleum Resources.

He stated that the Memorandum of Understanding (MoU) between the countries signed at the Saudi-Arab-African Economic Conference in Riyadh, is tailored towards specific goals within the oil and gas sector aimed at fostering growth and prosperity in Nigeria’s energy industry.

He said: “For cooperation in our oil and gas sector, we are intensifying our friendly ties with the Kingdom of Saudi Arabia based on the principle of equality and mutual benefits.

We have, therefore, entered into a Memorandum of Understanding (MoU) to set a framework of cooperation between us and to promote collaboration and strengthen our partnership in the oil and gas sector for mutual benefit.

“From this, we can anticipate enhanced technological exchange, investment inflow and a strengthened strategic partnership, paving the way for sustainable growth and prosperity in our energy landscape.”