The Nigerian government has initiated discussions with the Saudi Fund for Development (SFD) regarding potential investments in the country’s infrastructure. Finance and Coordinating Minister of the Economy, Wale Edun, met with a high-level delegation from the SFD, led by its CEO, Sultan Al-Marshad, in Abuja. The meeting centered on collaboration in sectors such as industrial development, renewable energy, and infrastructure.
Minister Edun emphasized the importance of this partnership, expressing optimism about the progress to be made over the next six months on their first joint infrastructure project. He also commended Saudi Arabia’s Vision 2030 initiative, noting the success the country has seen in tourism and infrastructure, and reaffirmed Nigeria’s ambition for similar reforms under President Bola Ahmed Tinubu’s leadership to create a favorable investment climate.
The discussions also highlighted the potential for greater economic cooperation between the two nations. Minister Edun outlined Nigeria’s commitment to sustainable reforms that would attract both domestic and foreign investments, setting the stage for long-term partnerships that align with the country’s development goals.
In response, Sultan Al-Marshad affirmed Saudi Arabia’s readiness to finance major infrastructure projects in Nigeria. He suggested appointing a designated Nigerian counterpart to streamline the execution of these projects, ensuring smooth communication and efficient prioritization of initiatives between the two countries. This collaboration is expected to pave the way for transformative infrastructure growth in Nigeria.
SOURCE: VANGUARD