Crown Prince and Prime Minister of Saudi Arabia, Mohammed bin Salman, has commended Nigerian President Bola Tinubu for implementing economic reforms aimed at fostering growth and stability.
This commendation came during the Joint Arab-Islamic Summit in Riyadh, where both leaders explored potential collaborations in key sectors such as oil and gas, agriculture, and infrastructure.
According to a statement by Bayo Onanuga, Tinubu’s special adviser on information and strategy, discussions included establishing a Saudi-Nigeria Business Council to enhance trade ties.
Nigeria is also negotiating a $5 billion trade facility with Saudi Arabia to boost bilateral trade.
The Saudi Agricultural and Livestock Investment Company (SALIC) already holds a significant investment in Nigeria, with its $1.24 billion acquisition of a 35.43% stake in Olam Agri in 2022, aiming to position Olam as a major player in global agro-allied businesses.
Crown Prince Mohammed praised Tinubu’s economic initiatives, drawing parallels with his own reforms to strengthen Saudi Arabia’s economic development. He assured Tinubu of his support, emphasizing a commitment to advancing the discussed partnerships.
The summit also reaffirmed Nigeria’s involvement in the Joint Arab-Islamic Ministerial Committee, focused on addressing the Gaza and Lebanon conflicts.
The committee, led by Saudi Arabia, includes Nigeria, Egypt, Qatar, Turkey, Indonesia, Palestine, and Jordan. It aims to intensify diplomatic efforts to end hostilities, particularly in Gaza, and calls for international law to protect regional sea lanes.
In the final resolution, leaders condemned Israeli military actions in Gaza, describing them as “crimes of genocide.
” They emphasized support for a sovereign Palestinian state, uniting the West Bank, Gaza Strip, and East Jerusalem.
The summit also welcomed a tripartite mechanism signed by the League of Arab States, OIC, and the African Union to bolster the Palestinian cause.