The Central Bank of Nigeria (CBN) has reaffirmed its commitment to enhancing economic cooperation between Nigeria and the Kingdom of Saudi Arabia, according to a statement released on Sunday.
CBN Governor Olayemi Cardoso made this known during a courtesy visit by the Saudi Arabian Ambassador to Nigeria, Faisal bin Ibrahim Alghamdi, and his delegation to the apex bank’s headquarters.
During the meeting, Cardoso emphasised the importance of fostering partnerships across key sectors that drive economic growth, adding that the CBN remains committed to advancing initiatives that deepen bilateral ties.
“The Central Bank of Nigeria remains committed to advancing partnerships that will deepen economic ties between Nigeria and Saudi Arabia. We will continue to explore opportunities that yield tangible benefits for both countries,” the CBN governor stated.
Cardoso also commended the Saudi government for its hospitality during the recently concluded AIUla event, hosted by the Saudi Ministry of Finance in collaboration with the International Monetary Fund (IMF) Regional Office in Riyadh.
Saudi Arabia eager to boost relationship with Nigeria
On his part, Alghamdi expressed appreciation for the warm reception from the CBN and reiterated Saudi Arabia’s interest in expanding economic cooperation with Nigeria.
He highlighted the Kingdom’s readiness to collaborate in strategic sectors such as renewable energy, agriculture, and water connectivity.
“We are eager to strengthen our relationship with Nigeria and explore mutually beneficial opportunities that will contribute to the prosperity of both nations,” Alghamdi stated.
The statement noted that the visit marks another step in Nigeria-Saudi relations as both nations seek to leverage their strengths for long-term economic growth and stability.
What you should know
- Earlier, the CBN governor, Olayemi Cardoso, called for deeper economic ties between Nigeria and the Middle East, emphasising opportunities for collaboration in infrastructure, tourism, and financial sector development.
- According to a previous CBN statement, speaking on the sidelines of the inaugural Conference on Emerging Markets Economies in Saudi Arabia, Cardoso met with Talal Al-Humond, Assistant Governor for Monetary Affairs at the Saudi Central Bank (SAMA), to discuss areas of mutual economic interest.
- The CBN Governor noted that Saudi Arabia’s investments in large-scale infrastructure projects, economic diversification, and tourism provide valuable insights that Nigeria can leverage to drive its own development agenda. He also restated the apex bank’s commitment to working closely with the Nigerian diaspora in the Middle East to improve remittance inflows and strengthen the financial sector.
- Al-Humond, in response, assured Cardoso of the Saudi Central Bank’s willingness to collaborate with Nigeria on key economic objectives.
