By Abbas Nazil
Nigeria and Saudi Arabia are moving to broaden their economic partnership, with both countries seeking greater cooperation in agriculture, energy, infrastructure, investment, aviation, financial technology and trade.
Minister of Information and National Orientation, Mohammed Idris, made this known on Wednesday in Abuja at a reception marking Saudi Arabia’s 96th National Day.
Idris said relations between Nigeria and Saudi Arabia had historically been strengthened by shared religious connections, longstanding ties and people-to-people relationships, but were now expanding towards wider economic and strategic cooperation.
He said the two countries had opportunities to establish stronger partnerships in sectors that could support investment, trade and economic development.
The minister said Nigeria was interested in learning from Saudi Arabia’s development experience as the Federal Government continues to implement economic reforms under President Bola Ahmed Tinubu’s Renewed Hope Agenda.
According to Idris, the reforms are focused on strengthening the economy, improving the business environment, expanding infrastructure and creating opportunities for Nigerians.
He said the government was investing in roads and railways, improving electricity supply and implementing reforms in the oil and gas sector.
Beyond these areas, Idris said the Federal Government was placing increased emphasis on agriculture, manufacturing, digital technology and the creative economy.
He said Nigeria was also seeking to attract more long-term investment by improving the clarity and predictability of its investment frameworks.
The minister pointed to reforms in the deep offshore sector as an example of measures intended to unlock additional investment while promoting greater participation by Nigerian stakeholders.
Idris urged Saudi investors and businesses to consider opportunities available in Nigeria, particularly in sectors with potential for increased production and economic activity.
He identified agriculture and food production, energy, infrastructure, mining and technology among areas where Nigerian and Saudi businesses could develop stronger partnerships.
“There is considerable room for cooperation in agriculture and food production, energy, infrastructure, mining, technology and other productive sectors,” he said.
The minister said expanded trade, investment, business partnerships and exchanges could provide additional channels for strengthening relations between both countries.
He also praised the Saudi Embassy for its role in promoting Nigeria-Saudi relations and congratulated the Saudi government and people on the country’s 96th National Day.
The renewed focus on economic cooperation comes as Nigeria continues efforts to attract foreign capital and expand investment across productive sectors of the economy.
For Saudi Arabia, deeper engagement with Nigeria offers opportunities for commercial partnerships across a large African economy, while Nigeria is seeking investment and technical partnerships to support infrastructure, energy, agriculture and other sectors.
The reception brought together senior government officials, diplomats, business leaders and other stakeholders.
Those present included Speaker of the House of Representatives, Tajudeen Abbas, Saudi Ambassador to Nigeria, Yousef bin Mohammed Al-Balawi, Minister of Aviation and Aerospace Development, Festus Keyamo, and Minister of Budget and Economic Planning, Abubakar Atiku Bagudu.
Former First Lady Aisha Buhari, members of the diplomatic community, captains of industry and other dignitaries were also present.
The discussions highlighted agriculture, energy, investment, trade and technology as potential areas for expanded engagement as Nigeria and Saudi Arabia seek to build a broader economic dimension to their longstanding relationship.
