In a concerted effort to bolster Nigeria’s economic foundation, President Bola Tinubu has unveiled plans to entice the Kingdom of Saudi Arabia and other Arab nations to invest in Nigeria, thereby attracting Foreign Direct Investment (FDI).
As part of this initiative, President Tinubu is slated to embark on a significant diplomatic mission this week, attending two pivotal summits in Saudi Arabia. This revelation came from Chief Ajuri Ngelale, the Special Adviser to the President on Media and Publicity, during a briefing with State House correspondents at the Presidential Villa in Abuja on Sunday.
The President’s upcoming trip will take him to Riyadh, the Kingdom of Saudi Arabia, where he will participate in the Saudi-Africa Summit and the Arab African Summit. These essential events are scheduled for November 10 and 11, 2023, respectively.
While in Saudi Arabia, President Tinubu will engage in discussions encompassing various aspects of mutual concern, particularly focused on strengthening economic ties between the regions. Topics on the agenda will include counterterrorism, environmental issues, and agriculture.
Ngelale elaborated that the agenda will also address the acceleration of trade and investment between the Kingdom of Saudi Arabia and the African continent.
He highlighted President Tinubu’s strong commitment to ensuring that the Federal Republic of Nigeria, within the continental context, optimally leverages the opportunities arising from the implementation of the African Continental Free Trade Agreement. This agreement is set to create a single trade market encompassing over one billion Africans.
According to Ngelale, “The United Nations Economic Commission for Africa predicts that by the year 2050, our continental market will surpass $29 trillion.” President Tinubu’s engagement in these summits underscores his dedication to harnessing the potential for economic growth and cooperation on a global scale.