Nigeria and Saudi Arabia are set to collaborate on various sectors, including industrial development, renewable energy, and infrastructure investments, with the goal of driving economic growth, creating jobs, and reducing poverty.

The partnership, which is part of efforts to strengthen economic cooperation between the two nations, was discussed during a meeting between Nigeria's Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, and a high-level delegation from Saudi Arabia led by the Chief Executive Officer (CEO) of Saudi Fund for Development (SFD), Sultan Al-Marshad.

During the meeting, Al-Marshad confirmed Saudi Arabia's preparedness to finance major infrastructure projects in Nigeria, while proposing the appointment of a designated Nigerian counterpart to streamline project prioritization and communication for efficient execution. This move is expected to enhance the collaboration and ensure the successful implementation of joint projects.

The meeting also included discussions on key areas of economic collaboration, such as industrial development, renewable energy, and infrastructure investments. These sectors are crucial for driving economic growth, creating jobs, and reducing poverty in Nigeria. The partnership is expected to have a positive impact on Nigeria's economy, with the potential to create new opportunities for businesses and individuals.

Nigeria's Minister of Finance, Mr. Wale Edun, applauded Saudi Arabia's impressive economic achievements under its Vision 2030 initiative, particularly in the tourism and infrastructure sectors. He also reaffirmed Nigeria's commitment to similar ambitious reforms under the leadership of President Bola Ahmed Tinubu, aimed at creating a stable investment climate conducive to both domestic and foreign investments.

The partnership between Nigeria and Saudi Arabia is expected to be a long-term one, with both countries committed to advancing sustainable development and economic growth through strategic partnerships and shared priorities. The meeting marked an important milestone in efforts to foster sustainable development between the two nations, with both sides expressing confidence in the potential for mutual prosperity.

Source: https://www.thisdaylive.com/index.php/2025/02/22/sarabia-confirms-move-to-finance-major-infrastructure-projects-in-nigeria-2/?amp