The Minister of Finance, Wale Edun, has announced that Nigeria will see increased job opportunities next year, fueled by Saudi Arabia’s investments in key economic sectors. Edun spoke on Sunday after meeting President Bola Tinubu in Ikoyi, Lagos.
The announcement follows a high-level delegation to Saudi Arabia aimed at building on Tinubu’s earlier engagements with Saudi Crown Prince Mohammed bin Salman. A notable outcome of the partnership is the Saudi Agricultural Livestock Investment Company’s (SALIC) $1.24 billion acquisition of a 35.43% stake in Olam Agri Holdings.
“What we have brought back is investment, foreign exchange, and jobs for Nigerians,” Edun stated, emphasizing the administration’s focus on attracting foreign direct investment (FDI) and stabilizing the macroeconomic environment.
He clarified that Saudi Arabia’s foreign investments prioritize job creation for Nigerians, as they do not involve exporting Saudi labor to host countries. “Clearly, where they invest, that is jobs for Nigerians,” he said.
Edun also reiterated government efforts to curb inflation, especially in food prices, through initiatives like dry-season farming. “Every effort is being made to bring down the price of food and the cost of living for the average Nigerian,” he added.
Speaking alongside Edun, Minister of Budget and Economic Planning Atiku Bagudu assured Nigerians that the country has overcome its worst economic challenges. Bagudu revealed that the 2025 budget would prioritize security, infrastructure, and social protections, aiming to improve living standards and boost the economy.
Bagudu also praised President Tinubu’s bold economic reforms, comparing his leadership to the transformative efforts of Saudi Crown Prince Mohammed bin Salman. “The Saudis appreciate that our President has taken risks that are unusual, and they celebrate his courage,” Bagudu noted.
With deepening ties between Nigeria and Saudi Arabia, officials remain optimistic about the long-term benefits for Nigeria’s economy, foreign reserves, and job market.
