Saudi Arabia’s Crown Prince and Prime Minister, Mohammed bin Salman, has praised Nigerian President Bola Tinubu for his recent economic reforms, highlighting them as a foundation for potential collaborations between the two nations.
This commendation was made during the Joint Arab-Islamic Summit held in Riyadh.
In a statement issued on Tuesday by Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, it was revealed that the two leaders discussed various avenues for partnership, particularly in oil and gas, agriculture, and infrastructure. They also deliberated on establishing a Saudi-Nigeria Business Council to further strengthen economic ties.
Onanuga noted that Nigeria is pursuing a $5 billion bilateral trade agreement with Saudi Arabia, which could significantly boost trade volume and economic cooperation between the two countries.
According to the statement, “The Saudi Agricultural and Livestock Investment Company (SALIC) invested $1.24 billion in 2022 to acquire a 35.43% stake in Olam Agri, one of Nigeria’s prominent agricultural firms. Talks are underway to increase SALIC’s stake in Olam, with the aim of making it a leading global agro-allied company.”
The Crown Prince reportedly expressed admiration for Tinubu’s economic strategy, drawing parallels with his own initiatives to bolster Saudi Arabia’s growth and stability. He assured President Tinubu of his full support and committed to mobilizing his team to actualize the partnerships discussed during the summit.
In addition to economic matters, the leaders engaged in discussions regarding the ongoing conflicts in Gaza and Lebanon. Onanuga revealed that the summit re-emphasized Nigeria’s commitment to a Joint Arab-Islamic Ministerial Committee, which aims to facilitate peace efforts in the region. Formed by a resolution during the summit on November 11, 2023, the committee is led by Saudi Arabia and includes the foreign ministers of Nigeria, Egypt, Qatar, Turkey, Indonesia, Palestine, and Jordan.
The summit’s final resolution urged the committee to intensify its work to bring an end to hostilities in Lebanon and Gaza. The Organisation of Islamic Cooperation (OIC) and the League of Arab States will circulate periodic reports on the committee’s progress to member states, with an emphasis on engaging with nations across the Global South to build support for a resolution to the conflict and an end to Israeli occupation.
The leaders also condemned recent Israeli military actions in northern Gaza, labeling them as “crimes of genocide.” They criticized efforts to entrench Israel’s presence in occupied East Jerusalem, reaffirming it as the rightful capital of Palestine and advocating for the unification of the West Bank, Gaza Strip, and East Jerusalem under a sovereign Palestinian state.
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Notable attendees at the meeting included Abdullah Abdulaziz, Minister of National Guard; Khalid Abdulaziz, Minister of Defence; and other senior Saudi officials.
