Emmanuel OchayiPresident Bola Tinubu has offered assurances to potential investors, asserting that their investments are secure in Nigeria.
Speaking at the Saudi-Africa Summit in Riyadh, Saudi Arabia, on Friday, President Tinubu emphasized Nigeria’s readiness for business and guaranteed investors some of the world’s highest returns on investment.
Addressing the gathering, President Tinubu stated, “Nigeria and Saudi Arabia have always enjoyed a special relationship at both the bilateral and multilateral levels. Within the past six decades, our bilateral cooperation, which was initially hajj-centric, has witnessed diversification to cover some areas of common interest.”
He continued, “It is delightful to note the presence in this great Kingdom of a large number of our compatriots and professionals, including highly skilled medical practitioners and professional football players. As members of several international organizations including the UN, the Organization of Petroleum Exporting Countries, the International Energy Forum, the G77, the Islamic Development Bank, and the Digital Cooperation Organization among others, our two nations have effectively used these and other platforms to enhance close interaction and coordination. I am confident that our joint positive disposition within these platforms will continue to be demonstrated as we seek to advance our mutual interests.”
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Tinubu also highlighted Nigeria’s efforts to diversify its economy away from oil dependence and promote sustainable development. “My administration has undertaken bold economic reforms by removing wasteful subsidies on petroleum and the merging of our foreign exchange market, among other incentives aimed at improving the ease of doing business in Nigeria,” he said.
Reassuring potential Saudi investors, Tinubu stated, “I also wish to assure all potential Saudi investors of the safety of their investments based on the sanctity of the rule of law and good returns on their investments in the largest economy in Africa. In this regard, the benefit attached to the early inauguration of the Nigeria-Saudi Business Council cannot be over-emphasized.”
He expressed gratitude to the Kingdom for its various humanitarian interventions in Nigeria through the King Salman Humanitarian Aid and Relief Centre.
On climate change and its effects on Africa, the Nigerian President reiterated that climate change has led to an expedited rate of desertification and ongoing flooding in Nigeria and many other African countries.
He commended the Kingdom for its various initiatives to combat the effects of climate change and announced that Nigeria is also working on some initiatives in this regard.
“Recently, we launched a data-driven Energy Transition Plan which sets forth a clear carbon reduction policy and targets net-zero emissions by the year 2060 while also setting out our plans for industrialization using new energy systems and universal access to modern energy services,” Tinubu explained.
He also expressed Nigeria’s full support for the Kingdom’s bids to host the 2030 World Expo in Riyadh and the 2034 FIFA Senior Men’s World Cup, affirming the latter’s high likelihood of success.
In addressing the situation in the Middle East, particularly in Palestine, Tinubu reiterated Nigeria’s call for an immediate ceasefire and the pursuit of a peaceful resolution to the conflict.
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