Nigeria is in discussion with Saudi Arabia to secure a $5 billion trade facility as part of its ongoing economic reform initiatives. President Bola Tinubu met with Saudi Crown Prince Mohammed bin Salman in Riyadh at the Arab-Islamic Summit to discuss this potential partnership. The Nigerian presidency confirmed the negotiations but has yet to release specific details on the terms.
The longstanding trade relationship between Nigeria and Saudi Arabia currently involves Nigeria exporting crude petroleum while importing refined petroleum and polymers from Saudi Arabia. Both countries are now exploring expanded cooperation areas, including oil and gas, agriculture, and infrastructure, as well as strengthening the Nigeria-Saudi Arabia Business Council to drive these joint efforts.
This proposed deal is seen as a key step in Nigeria’s broader economic strategy, aiming to attract significant investment inflows. With a population of around 225 million and a poverty rate nearing 40%, Nigeria’s government has been focusing on foreign investments, recently securing over $30 billion in commitments to boost development and economic growth.
