At the Nigeria-Saudi Investment Roundtable yesterday in Riyadh, Saudi Arabia, President Bola Ahmed Tinubu reassured the captains of Saudi Arabian industry that Nigeria was "open for business" and that any unfavorable perceptions or ideas about the nation in terms of trade cooperation, monetary policy, and ease of doing business were no longer true.
"I believe in this team that I have brought from Nigeria," the man declared. I announced the early start of significant and audacious economic reforms as soon as I assumed office. We have carried them out, and we continue the reformation. I hereby proclaim the end of red tape!
"I support the complete implementation of free market economics. Your finances will come in and go out with ease. The corruption linked to our country's previous foreign exchange policy regime has likewise vanished, as has the ability to circumvent it!
In order to be ready for serious investors like you sat here, we embarked on those audacious endeavors from the beginning. Any organization’s human capital is its greatest asset for growth. My group is ready. We are able to generate. Nigerian millennials who are bright, well-educated, hardworking, and enthusiastic about innovation and using top-notch services abound in our market.
"The people sat here are the ones who will steer this beautiful country. If necessary, we are available to personally address any of your inquiries till this evening. For our two nations and peoples, the sky is not just the limit but also the end point.
Kahlid El-Falih, Saudi Arabia's Minister of Trade and Investment, praised the Nigerian leader's sincerity and passion, stating that Nigerians should expect the Saudi investment community to respond not just with words but also with significant new investment in a number of Nigerian economic sectors after hearing the President speak candidly and from the heart about what can be achieved between the two countries.
"With a sizable delegation of Saudi CEOs from all important industries, the Minister of Commerce and I will be visiting Nigeria either very early in the upcoming year or before the end of this one. We do not wish to travel to Nigeria for any exploratory talks because we are aware that you are prepared for business. We are here to put the plan into action. This is a visit for action.
"Mr. President, you concur with me that we cannot advance on the basis of good intentions alone. In order to create a solid work plan of investments in the crucial sectors for takeoff when we meet again, we will diligently prepare with your team and our investors will coordinate with your officials, starting right now. We will sign and start delivering on all agreements when we get together in Abuja shortly. El-Falih stated, "We will also take advantage of this opportunity to formally inaugurate the Nigeria-Saudi Business Council."
Majid bin Abdullah Al Qasabi, the minister of commerce for Saudi Arabia, gave an overview of how his country may continue to support the kind of incremental infrastructure improvements required to release a transformative amount of foreign direct investment in Nigeria.
"We have inked a deal with the World Economic Forum for the restructuring of the African services industry. The services sector makes a significant GDP contribution in industrialized economies. However, in the underdeveloped world, we frequently prioritize things. Therefore, in order to improve Nigeria's long-term economic and investment viability, we would like to designate Nigeria as the pilot country in this agreement with the WEF to study Nigeria's service challenges and make them seamless. We also want to streamline and raise the country's supply chains to international standards.
Alhaji Aliko Dangote, the chairman of Dangote Industries, promised Saudi investors that Nigeria, led by President Tinubu, will become known across the world as a premier international investment destination.
Regarding investments and returns, Nigeria is, as I often say, the greatest kept secret in the world. Additionally, we want to make sure that investing is a two-way process. Nigerian businesses can contribute significantly to the Saudi economy, and we are eager to collaborate with them to grow our activities in Nigeria. The Nigeria-Saudi Business Council's impending founding would present both nations with a fantastic chance to build on the foundation laid here, according to Dangote.
Numerous Chief Executive Officers from various Saudi conglomerates with expertise in construction, finance, new and traditional energy, healthcare, agriculture, electric power, mining, aviation, telecommunications, creative arts, and hospitality attended the Investor Roundtable and presented President Tinubu with preliminary proposals for areas of concrete cooperation.
The President listened intently, taking notes, as they discussed potential new investment prospects in the largest market in Africa.
"After carefully listening to everyone of you, I am not only impressed but also resolved to work with you to advance and succeed. Nigeria will give you faith back. We won't let you down; our people are prepared, Tinubu declared.
The Executive Governors of the states of Bauchi, Niger, and Katsina were among the delegation of the Nigerian government, which also included Mr. Wale Edun, Minister of Finance and Coordinating Minister of the Economy; Sen. Abubakar Bagudu, Minister of Budget and Economic Planning; Dr. Doris Uzoka-Anite, Minister of Industry, Trade, and Investment; Dr. Bosun Tijani, Minister of Communications, Innovation, and Digital Economy; Sen. Abubakar Kyari, Minister of Agriculture; Dr. Betta Edu, Minister of Humanitarian Affairs and Poverty Alleviation; and Sen. Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil).
Among the Nigerian business delegation were Mr. Wale Tinubu, CEO of Oando Energy Company, Mr. John Coumantaros, President of Flour Mills Nigeria, Amb. Gilbert Chagoury, Chairman of the Chagoury Group, and Chairman of Dangote Industries, Alhaji Aliko Dangote.