President Bola Tinubu has assured potential Saudi investors looking to invest in Nigeria that they would have no hindrance in repatriating their funds in and out of the country.
The President made this declaration on Saturday in Riyadh, Saudi Arabia, as he began his deliberation with the Captains of Saudi Arabian Industry at the Nigeria-Saudi Investment Roundtable.
This declaration is contained in an official press statement issued by Chief Ajuri Ngelale, Special Adviser to the President (Media & Publicity), on Saturday.
- “I believe in this team that I have brought from Nigeria. When I took office, I declared the immediate commencement of bold and fundamental economic reforms. We have executed them, and we sustain the reform process. Today, I declare that red tape is gone!
- “I believe in the full application of free market economics. Your money will flow easily in and easily out. The arbitrage around our nation’s old foreign exchange policy regime and the corruption that was associated with it is also gone!
- “We took on those bold endeavours from day one in preparation for serious investors like you seated here. The greatest opportunity for any entity to prosper lies in its human capital. My team is prepared. We can produce. Our market is full of Nigerian youths who are brilliant, highly educated, industrious, and passionate about innovation and engagement with world-class services.
- “The navigation of the ship of this great nation lies in the membership seated here. We are ready to answer all of your questions directly, even into this night if need be. The sky is not just the limit, but it is the destination for our two countries and peoples,” President Tinubu said.
Saudi Arabia’s next steps towards foreign direct investments in Nigeria
In his remarks, the Trade and Investment Minister of the Kingdom of Saudi Arabia, Kahlid El-Falih, assured President Tinubu that Saudi investment community will respond with substantial new investment across several sectors of the Nigerian economy.
El-Falih further revealed that by the end of this year or early next year, a large delegation of Saudi CEOs from all key sectors will visit Nigeria to develop a concrete work plan of investments to take off in Nigeria. In addition, he added that the visit would provide the opportunity to inaugurate the Nigeria-Saudi Business Council.
Here’s what he said:
- “The Minister of Commerce and I will be visiting Nigeria either before the end of this year or very early next year with a very large delegation of Saudi CEOs from all key sectors. We know you are ready for business, so we do not want to come to Nigeria for any exploratory discussion. We are coming for implementation. It is an action visit.
- “Mr. President, you agree with me that good intentions alone will not take us anywhere, so we will prepare well with your team and our investors will align with your officials, beginning now, to develop a concrete work plan of investments in the key sectors for takeoff when we meet again. When we meet soon in Abuja, it will be to sign and begin delivery on all agreements. We will also use the opportunity to formally inaugurate the Nigeria-Saudi Business Council.”
Meanwhile, the Saudi Arabia’s Commerce Minister, Majid bin Abdullah Al Qasabi, previewed how Saudi Arabia can further contribute to the soft infrastructural reforms needed to unlock game-changing quantums of foreign direct investment in Nigeria.
- “We have signed an agreement with the World Economic Forum on the reform of the services sector in Africa. In developed economies, the services sector contributes enormously to GDP. But in the developing world, we tend to focus on goods. So, we would like to make Nigeria the pilot country in this agreement with WEF to study Nigeria’s service challenges to make it seamless and make the supply chains across sectors streamlined and raised to international standard to enhance Nigeria’s economic and investment viability over the long-term,” he stated.
More Insights
The Chairman of Dangote Industries, Alhaji Aliko Dangote, one of the Nigerian business delegation at the Nigeria-Saudi Investment Roundtable, told Saudi investors that Nigeria, under the leadership of President Bola Tinubu, will be unearthed to the world as a foremost global investment haven.
- “What I always say about Nigeria is that it is the world’s best kept secret in terms of investments and returns. We are also looking to ensure that our investments are a two-way process. Nigerian companies have a lot of value to add to the Saudi economy, and we look forward to working together in expanding our Nigerian operations as well. The soon coming launch of the Nigeria-Saudi Business Council will be a huge opportunity for both countries to expand on what has been established here,” Dangote said.
At the Investor Roundtable, dozens of Chief Executive Officers from several Saudi conglomerates specializing in construction, finance, new and traditional energy, healthcare, agriculture, electric power, mining, aviation, telecommunications, creative arts, and hospitality were present and made their exploratory pitches to President Tinubu on areas of tangible collaboration.
The Nigerian government delegation comprised of the Executive Governors of Bauchi, Niger and Katsina States; Minister of Finance & Coordinating Minister of the Economy, Mr. Wale Edun; Minister of Budget & Economic Planning, Sen. Abubakar Bagudu; Minister of Industry, Trade & Investment, Dr. Doris Uzoka-Anite; Minister of Communications, Innovation & Digital Economy, Dr. Bosun Tijani; Minister of Agriculture, Sen. Abubakar Kyari; Minister of Humanitarian Affairs & Poverty Alleviation, Dr. Betta Edu; and Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri.
The Nigerian business delegation comprised of the Chairman of Dangote Industries, Alhaji Aliko Dangote; Chairman of the Chagoury Group, Amb. Gilbert Chagoury; President of Flour Mills Nigeria, Mr. John Coumantaros; CEO of Oando Energy Company, Mr. Wale Tinubu and many others.
