President Bola Tinubu's economic diplomacy efforts are yielding positive results, according to the Minister of Finance and Coordinating Minister of Economy, Mr. Wale Edun. The president's diplomatic outreach to all continents, including Brazil, China, India, Germany and France, has been fruitful.
Edun led a delegation to Riyadh, Saudi Arabia, to build on the president's efforts and strengthen ties with Crown Prince Mohammed bin Salman.
The delegation met with key Saudi institutions, including the Saudi EXIM Bank, the Saudi Development Fund and the Saudi Agriculture and Livestock Investment Company (SALIC), to discuss investment opportunities in Nigeria.
The Saudi Agricultural and Livestock Investment Company recently increased its investment in Olam by $1.2 billion, a testament to the success of the president's economic diplomacy.
Edun noted that the President's efforts to stabilize Nigeria's macroeconomic environment have encouraged investments, which will create jobs and generate foreign exchange for the country.
“Twice in the last year, Mr. President was in Saudi Arabia, met with the Crown Prince and discussed trade, economic cooperation, financial cooperation and collaboration.
“We have just followed some of those leads into the various foreign direct investment opportunities, business partnerships and even financial investment.
“If you look at the demographics of Saudi Arabia, to the extent that they are investing abroad, they are not going to export their people, they are not like some of the other large, populous countries in Asia.
“So, clearly, where they invest, it is in jobs for Nigerians. That's the easiest way I would say.
“The Olam transaction was in the works for a long time; It was first discussed at the first Business Council meeting held last year in Saudi Arabia and materialized this year,” Edun said.
Also speaking to House of Representatives correspondents, Senator Abubakar Bagudu, Minister of Budget and National Planning, expressed confidence that more investments will be made following the engagement of the Nigerian delegation with Saudi Arabia.
It also predicted a better economy in 2025, with lower inflation, more employment opportunities and better infrastructure development.
“I think we have made difficult decisions, we have seen the worst we could see and it is not unexpected.
“So what we hope to see in 2025 is a better economy, lower inflation, more employment opportunities, more support for businesses and more infrastructure development.
“We also expect more funding for security and better security, and all those priority areas; development of human capital, education, health.
“We will surely see more in that direction and the quality of life will improve,” Bagudu said.
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