Saudi Arabia’s Crown Prince and Prime Minister, Mohammed bin Salman, has commended President Bola Tinubu for his economic reforms, suggesting opportunities for collaboration between Nigeria and Saudi Arabia.
The praise was expressed during the Joint Arab-Islamic Summit in Riyadh.
According to a statement released on Tuesday by Bayo Onanuga, Tinubu’s special adviser on information and strategy, the two leaders discussed potential areas of partnership in oil and gas, agriculture, and infrastructure. They also considered the establishment of a Saudi-Nigeria Business Council to enhance economic ties.
Onanuga further mentioned that Nigeria is seeking a $5 billion bilateral trade agreement with the Saudi government, a move that could greatly increase trade between the two countries.
The statement reads, “The Saudi Agricultural and Livestock Investment Company (SALIC) invested $1.24 billion in 2022 to acquire a 35.43% stake in Olam Agri, one of Nigeria’s leading agricultural firms.
“Talks are being held so that SALIC can have more stake in the company. The Saudis hoped the investment would make Olam one of the biggest agro-allied businesses in the world.
“The Crown Prince commended President Tinubu’s economic reforms, noting similarities to his steps to strengthen Saudi Arabia’s stability and development when he became Prime Minister.
“He also assured Nigeria of his support and promised to motivate his team to realise the various areas of partnerships discussed at the meeting.”
He said the summit had renewed the commitment of Nigeria and other member states on the ministerial committee assigned to engage with global leaders in seeking an end to the ongoing war in Gaza and Lebanon.
Onanuga said, “The Joint Arab-Islamic Ministerial Committee, led by the Kingdom of Saudi Arabia, was formed by a resolution at the First Joint Arab-Islamic Summit in Riyadh on November 11, 2023
“The group includes the foreign ministers of Nigeria, Egypt, Qatar, Turkey, Indonesia, Palestine, and Jordan.
“In its final resolution, the summit urged the Ministerial Committee to ‘intensify its efforts and expand them to include working on ending the aggression on Lebanon’.
“The committee will submit periodic reports, which the secretariats of the Organisation of Islamic Cooperation (OIC) and the League of Arab States will circulate to member states.
“The Committee has also been tasked with further engaging actors across the Global South in the efforts to strengthen international support towards ending the war and Israeli occupation.
“The resolution stressed the importance of protecting sea lanes by rules of international law and welcomed the signing of the tripartite mechanism by the League of Arab States, OIC, and the African Union to support the Palestinian cause.”
He said the leaders condemned Israeli military actions in northern Gaza, describing them as “crimes of genocide”.
“They also criticised ongoing efforts to solidify Israel’s presence in occupied East Jerusalem, reaffirming it as the eternal capital of Palestine and calling for the unification of the West Bank, Gaza Strip, and East Jerusalem under a sovereign Palestinian state,” he said.
Abdullah Abdulaziz, minister of national guard; Khalid Abdulaziz, minister of defence; and senior Saudi officials ttended the meeting.
