Nigeria and Saudi Arabia have begun discussions to enhance economic ties, focusing on export credit and infrastructure development.
This was revealed in a statement from the Ministry of Finance.
Nigeria’s Minister of Finance and Coordinating Minister of the Economy,Wale Edun led a Nigerian delegation to Riyadh to strengthen economic collaboration with Saudi Arabia.
Edun represented President Bola Tinubu and the Presidential Economic Coordination Council (PECC) during the official visit.
According to the statement, the delegation held high-level talks with the Saudi Export-Import (EXIM) Bank, with a focus on creating export credit and insurance frameworks to improve market access between the two countries.
The Ministry of Finance also mentioned that the bank showed interest in furthering its partnerships with Nigerian institutions and participating in upcoming transactions with Saudi government bodies.
“Additionally, the delegation held strategic talks with the Saudi Development Fund to explore potential areas of collaboration aimed at boosting infrastructure and economic development in Nigeria,” the finance ministry said.
“The delegation also met with the Saudi Agricultural and Livestock Investment Company (SALIC) to advance ongoing conversations about their investments in Nigeria.”
The Ministry of Finance stated that SALIC reaffirmed its commitment to exploring additional investment opportunities, highlighting its focus on responsible practices that aim to improve food security, increase agricultural production, and create jobs in Nigeria.
The Nigerian delegation engaged in discussions with key Saudi ministers, including those in charge of finance, energy, and economy and planning, further strengthening bilateral cooperation across essential sectors.
