President heads for Saudi with investment options

President heads for Saudi with investment options

President Bola Ahmed Tinubu will take his aggressive push for more investments to Saudi Arabia where he will attend two bilateral summits.

On the table will be how Nigeria can take advantage of the African Continental Free Trade Area (AfCFTA) agreement.

Special Adviser to the President on Media and Publicity, Ajuri Ngelale, said President Tinubu will participate in the Saudi-African Summit and the Araba-African, both in Riyadh, on November 10 and 11.

The Saudi-African Summit will explore economic ties between Africa and Saudi Arabia, including counter-terrorism, agriculture and environment. 

The Arab-African Summit will focus on expanding infrastructure between both regions, especially a new high-speed train network between the Arab League of Nations and the African Union countries.

Ngelale referred to the United Nations Economic Commission for Africa’s prediction that by the year 2050, the African market would have surpassed $29 trillion.

“We believe that action toward that begins now. So, the President is going to be very active and leading that effort from the forefront,” he said.

Nigeria stands to gain from the outings, Ngelale expects stronger economic connections and increased commerce and trade relations.

“Mr. President is passionate about any areas in which we can leverage the massive population and market that not just Africa presents, but that Nigeria itself.

“We are expecting that the outcomes of this summit will lead to very tangible results concerning an increase in trade between not just the Kingdom of Saudi Arabia, but all Arab nations, and especially the leading economies in Africa, of which Nigeria is now number one.

“Mr. President is going to be very aggressive, as always, in his promotion and pursuit of new foreign direct investment.

“It’s no secret what he’s been doing around the world since he assumed office that will continue in Riyadh.

“We will be meeting with investors across sectors; we will be pushing very proactively for new inflows of foreign exchange into the Nigerian economy through investments in really growth-enabling and labour-intensive sectors of the economy.

“The President is going to do everything he can to reinvigorate the economy through his leading participation in these two important summits.”

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