The Central Bank of Nigeria (CBN) reaffirms its commitment to strengthening economic cooperation with Saudi Arabia, aiming to unlock new investment and trade opportunities.
CBN Governor Olayemi Cardoso emphasizes this during a meeting with Saudi Arabian Ambassador to Nigeria, Faisal bin Ibrahim Alghamdi, and his delegation at the bank’s headquarters.
Cardoso highlights the importance of collaborating across key sectors that drive economic growth, assuring that the CBN remains focused on fostering initiatives that benefit both nations.
“The Central Bank of Nigeria is committed to advancing partnerships that will deepen economic ties with Saudi Arabia. We will continue to explore opportunities that enhance mutual prosperity,” he states.
He also appreciates Saudi Arabia’s hospitality during the AIUla event, hosted by the Saudi Ministry of Finance in partnership with the International Monetary Fund (IMF) Regional Office in Riyadh.
Ambassador Alghamdi reiterates Saudi Arabia’s interest in strengthening economic cooperation with Nigeria, emphasizing the Kingdom’s readiness to invest in renewable energy, agriculture, and water connectivity.
“We are committed to deepening our relationship with Nigeria and identifying opportunities that drive economic growth for both nations,” Alghamdi states.
This visit represents another step toward enhancing Nigeria-Saudi relations, as both countries seek to leverage their economic strengths for long-term development and stability.
Ongoing Discussions on Nigeria-Middle East Collaboration
Earlier, Cardoso advocates for stronger economic ties between Nigeria and the Middle East, highlighting opportunities for collaboration in infrastructure, tourism, and financial sector development.
During the Conference on Emerging Markets Economies in Saudi Arabia, he meets with Talal Al-Humond, Assistant Governor for Monetary Affairs at the Saudi Central Bank (SAMA), to explore areas of mutual economic interest.
He notes that Saudi Arabia’s investments in large-scale infrastructure, economic diversification, and tourism provide valuable insights for Nigeria’s development agenda.
The CBN governor also reinforces the bank’s commitment to engaging with the Nigerian diaspora in the Middle East to enhance remittance inflows and strengthen the financial sector.
In response, Al-Humond assures Nigeria of Saudi Arabia’s willingness to collaborate on key economic initiatives, reinforcing the potential for stronger financial and investment partnerships between both nations.
 reaffirms its commitment to strengthening economic cooperation with Saudi Arabia, aiming to unlock new investment and trade opportunities.){kind=link}