Nigeria and Saudi Arabia are working to deepen their economic partnership, with a focus on enhancing export credit, insurance frameworks, and market access. These efforts follow a series of high-level meetings held in Riyadh, Saudi Arabia, as confirmed by the Nigerian Ministry of Finance.
The Nigerian delegation, led by Finance Minister Wale Edun on behalf of President Bola Tinubu and the Presidential Economic Coordination Council, aims to solidify bilateral economic ties and explore new avenues for collaboration.
Key discussions include engagements with Saudi EXIM Bank to develop export credit and insurance frameworks while expanding market access between the two nations. Saudi EXIM Bank has shown interest in strengthening partnerships with Nigerian institutions and participating in future projects involving Saudi government entities.
The delegation also meets with the Saudi Development Fund to explore potential areas of collaboration to support infrastructure and economic development in Nigeria. Additionally, discussions with the Saudi Agricultural and Livestock Investment Company (SALIC) focus on advancing investments in Nigeria, with SALIC emphasizing responsible investment practices aimed at promoting food security, increasing production, and creating jobs.
The meetings extend to high-level talks with Saudi ministers responsible for Finance, Energy, and Economy and Planning, further reinforcing cooperation in critical sectors.
Context and Growing Partnership
Nigeria has requested a $5 billion trade loan from Saudi Arabia to support its economic reform program, following a meeting between President Tinubu and Saudi Crown Prince Mohammed bin Salman at the Joint Arab-Islamic Summit in Riyadh. Earlier discussions in May had already outlined a shared commitment to strengthening relations in agriculture, trade, and investment. By November 2023, the scope of collaboration expanded into sectors like technology, telecommunications, energy, and mining.
The two countries share membership in international organizations like OPEC and the Organization of Islamic Cooperation (OIC), which bolsters their diplomatic and economic ties. Recent engagements highlight a mutual interest in leveraging these connections for broader economic growth.
Renewed Efforts Under the Tinubu Administration
The Tinubu administration has prioritized strengthening Nigeria’s relationship with Saudi Arabia, marked by President Tinubu’s multiple visits to the Kingdom. A significant development in this effort is the revival of the Saudi-Nigeria Business Council, an initiative that had been discontinued under former President Muhammadu Buhari. The council seeks to foster closer economic collaboration and investment opportunities between both countries.
The Nigerian delegation to Saudi Arabia includes key officials such as Senator Abubakar Atiku Bagudu, Minister of Budget and National Planning; Wale Tinubu, member of the Presidential Economic Coordination Council; Sanyade Okoli, Special Adviser to the President on Finance and the Economy; and Muhammad Sani Abdullahi, Deputy Governor for Economic Policy at the Central Bank of Nigeria.
