Riyadh, Nov. 11, 2023: President Bola Tinubu has assured potential Saudi Arabian investors of the safety of their investments in Nigeria.
The president stated this at the first Saudi-Africa Summit in Riyadh, Saudi Arabia, on Friday.
Tinubu said that Nigeria was ready for business while assuring investors of getting highest returns on investments.
“I also wish to assure all potential Saudi investors of the safety of their investments based on the sanctity of the rule of law and good returns on their investments in the largest economy in Africa.
“In this regard, the benefit attached to the early inauguration of the Nigeria-Saudi Business Council cannot be over-emphasized,” he said.
The president also sought for more collaboration with the Kingdom of Saudi Arabia on combating terrorist organizations such as Boko Haram, ISWAP and other violent extremist groups.
He said these groups had for long being terrorising the Lake Chad and Sahel regions of Africa.
Tinubu also spoke on the long standing mutual relationship between Nigeria and Saudi Arabia.
“Nigeria and Saudi Arabia have always enjoyed a special relationship at both the bilateral and multilateral levels.
“Within the past six decades, our bilateral cooperation, which was initially hajj-centric, has witnessed diversification to cover a number of areas of common interest.
”It is delightful to note the presence in this great Kingdom of a large number of our compatriots and professionals, including highly-skilled medical practitioners and professional football players.”
Tinubu said that both Nigeria and Saudi Arabia have been interacting as members of the UN, OPEC, the International Energy Forum, G77, Islamic Development Bank, and Digital Cooperation Organisation among others.
”Our two nations have effectively used these and other platforms to enhance close interaction and coordination.
“I am confident that our joint positive disposition within these platforms will continue to be demonstrated as we seek to advance our mutual interests.
“Nigeria, like the Kingdom, is diversifying her economy away from oil dependence to promote sustainable development.
“My administration has undertaken bold economic reforms by removing wasteful subsidies on petroleum and the merging of our foreign exchange market, among other incentives aimed at improving the ease of doing business in Nigeria.”
He thanked the Kingdom for the various humanitarian interventions in Nigeria through the King Salman Humanitarian Aid and Relief Centre.
Speaking on climate change and how it affects Africa, Tinubu said it has expedited desertification and incessant flooding in Nigeria and many other African countries.
He commended the efforts of the Kingdom in the fight against the effects of climate change, adding that Nigeria was also working on a number of initiatives to mitigate climate change effects and energy poverty.
“Recently, we launched a data-driven Energy Transition Plan which sets forth a clear carbon reduction policy and targets net-zero emissions by the year 2060 while also setting out our plans for industrialization using new energy systems and universal access to modern energy services.”
The president announced Nigeria’s full support for Saudi Arabia as it prepares to host the 2034 FIFA World Cup and the 2030 World Expo.
On the situation in the Middle East, particularly in Palestine, the President reiterated Nigeria’s call for immediate ceasefire and the pursuit of peaceful resolution of the conflict.
