President Bola Tinubu’s economic diplomacy efforts are yielding positive results, according to Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun. The president’s diplomatic outreach across continents, including Brazil, China, India, Germany, and France, has been fruitful.
Edun led a delegation to Riyadh, Saudi Arabia, to build on the president’s efforts and strengthen ties with Crown Prince Mohammed bin Salman.
The delegation met with key Saudi institutions, including the Saudi EXIM Bank, Saudi Development Fund, and Saudi Agricultural and Livestock Investment Company (SALIC), to discuss investment opportunities in Nigeria.
The Saudi Agricultural Livestock Investment Company recently increased its investment in Olam by $1.2 billion, a testament to the success of the president’s economic diplomacy.
Edun noted that the president’s efforts to stabilise Nigeria’s macroeconomic environment have encouraged investments, which will create jobs and generate foreign exchange for the country.
“Twice in the last year, Mr President has been in Saudi Arabia, had meetings with the Crown Prince and talked about trade, economic cooperation, financial cooperation and collaboration.
“We just followed up on some of those leads across the various opportunities for foreign direct investment, trade partnerships and for even financial investment.
“If you look at the demographics of Saudi Arabia, to the extent that they are investing abroad, they are not going to be exporting their people, they’re not like some of the other big, populous countries of Asia.
“So, clearly, where they invest, that is jobs for Nigerians. That’s the simplest way I would put it.
“The Olam transaction was a long time in the works; it was first discussed at the first Business Council Meeting held last year in Saudi Arabia, and it materialised this year,” Edun said.
Also speaking with State House correspondents, Senator Abubakar Bagudu, Minister of Budget and National Planning, expressed confidence that more investments will follow the Nigerian delegation’s engagement with Saudi Arabia.
He also predicted a better economy in 2025, with lower inflation, more employment opportunities, and improved infrastructure development.
“I think we have made the tough choices, we have seen the worst we could see and is not unexpected.
“So, what we expect to see in 2025 is a better economy, lower inflation, more employment opportunities, more support for businesses, more infrastructure development.
“We also expect more funding of security and better security, and all those priority areas; human capital development, education, health.
“We’re sure to see more in that direction, and the quality of life will get better,” Bagudu said.
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