Finance and Coordinating Minister of the Economy, Olawale Edun, and Budget and National Planning Minister, Atiku Bagudu, met with President Bola Ahmed Tinubu on Tuesday to report the successes of Nigeria’s ongoing economic diplomacy in Saudi Arabia. The ministers, who had recently returned from a follow-up mission to the Arab kingdom, highlighted tangible results including investments, foreign exchange inflows, and job creation.
Edun, leading the delegation, emphasized that the mission had resulted in significant outcomes, including a $1.2 billion investment by the Saudi Agricultural Livestock Investment Company (SALIC) in Olam Agri. He described this as a clear endorsement of President Tinubu’s economic reforms and the stabilization of Nigeria’s macroeconomic environment. “This investment is proof of the confidence global investors have in the steps being taken by President Tinubu to attract such investments,” Edun stated. He also pointed out that these investments would lead to direct job creation for Nigerians, as Saudi investments do not involve the export of its labor force.
The ministers also discussed the government’s ongoing efforts to address inflation, particularly food inflation, with initiatives like dry-season farming. Edun assured Nigerians that the administration’s focus on job creation and increasing foreign reserves was yielding visible benefits. “When you see jobs being created and Nigeria’s foreign reserves increasing, that is success all Nigerians can understand,” he said.
Bagudu, in his address, expressed confidence that Nigeria had turned the corner on its economic challenges. He highlighted the 2025 Appropriation Bill, which includes N47.97 trillion for the fiscal year, as a pathway to improving living conditions across the country. The minister noted that the budget focuses on reducing inflation, increasing employment, and bolstering infrastructure, human capital, and security. “The quality of life will get better,” Bagudu assured.
The ministers also spoke of the deepening relationship between Nigeria and Saudi Arabia, stressing that it reflects President Tinubu’s growing global stature. Bagudu drew parallels between the reforms being undertaken by Tinubu, such as the removal of fuel subsidies, and the transformative actions of Saudi Crown Prince Mohammed bin Salman. “The Saudis appreciate that our President has taken risks that are unusual, and they celebrate his courage and capacity,” he added.
Looking forward, the ministers expressed optimism that the strengthened ties with Saudi Arabia would continue to lead to increased investment, bolster Nigeria’s foreign reserves, and solidify long-term economic cooperation between the two nations.
