Nigeria Seees ‘Immediate’ Investments Worth Billions from Saudi - Bloomberg
Nigeria says it sees “immediate” multi-billion-dollar investment flows from Saudi Arabia after it signed an agreement with the kingdom to establish a business council that could see the middle eastern nation funding several sectors of the West African country, including agriculture, oil and gas, energy, telecommunications and technologies.
The two nations agreed to reestablish a Nigeria-Saudi Arabia Business Council initially proposed in 2019 by Crown Prince Mohammed bin Salman bin Abdulaziz that was esisted by the government of former President Muhammadu Buhari.
“We expect to see significant investment flow immediately,” Abubakar Atiku Bagudu, Nigeria’s minister of budget and economic planning said in an interview in Riyadh after a business round-table between the officials of Saudi and Nigeria.
Through the council, the kingdom plans to replicates several of investments made in India, Indonesia, and Pakistan in Nigeria that could be worth several billion dollars, the minister said without giving exact figures of the expected inflows. Several companies, including the Saudi Agricultural and Livestock Investment Co, have made commitments to close several deals in Nigeria by end of the year, according to Bagudu. Nigeria’s minister of agriculture met with his Saudi counterpart and Salic executives.
“They told us that they are in the process of making additional investment decisions in Nigeria, which they hope to close before the end of the year,” the minister said.
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