.Both nations to partner on industrial devt, renewable energy, others
Ndubuisi Francis in Abuja
Saudi Arabia has confirmed its preparedness to finance major infrastructure projects in Nigeria, while proposing the appointment of a designated Nigerian counterpart to streamline project prioritisation and communication for efficient execution.
The Chief Executive Officer (CEO) of Saudi Fund for Development (SFD), Sultan Al-Marshad made the disclosure when he led a high-level delegation to the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun in Abuja, yesterday.
The delegation is part of efforts to strengthen economic cooperation between Nigeria and the Asian country.
The meeting with Edun also included Saudi Arabia’s Ambassador to Nigeria, Faisal Alghamdi; Nigeria’s Minister of Trade and Investment, Dr. Jumoke Oduwole, and the Minister of State for Finance, Dr. Doris Uzoka-Anite.
The discussions centred on key areas of economic collaboration, including industrial development, renewable energy, and infrastructure investments aimed at driving economic growth, job creation, and poverty reduction.
A statement issued by the Director, Press and Public Relations, Mohammed Manga, quoted Edun as saying: “We have laid a strong foundation for collaboration, and over the next six months, we expect to make significant progress on our first joint infrastructure project.”
He applauded Saudi Arabia’s impressive economic achievements under its Vision 2030 initiative, particularly in the tourism and infrastructure sectors.
The minister also reaffirmed Nigeria’s commitment to similar ambitious reforms under the leadership of President Bola Ahmed Tinubu, aimed at creating a stable investment climate conducive to both domestic and foreign investments.
He stated that the visit marked an important milestone in efforts to foster sustainable development between the two nations, adding: “We are confident that through strategic planning and visionary leadership, we will achieve mutual prosperity.”
In his remarks, the SFD chief executive Sultan Al-Marshad reiterated Saudi Arabia’s dedication to fostering economic collaboration, confirming that his organisation was prepared to finance major infrastructure projects in Nigeria.
He also proposed the appointment of a designated Nigerian counterpart to streamline project prioritisation and communication for efficient execution.
The meeting underscored a renewed commitment by Nigeria and Saudi Arabia to advance sustainable development and economic growth through strategic partnerships and shared priorities.
