Nigeria, Saudi Arabia set to partner on infrastructure development

Nigeria and Saudi Arabia have taken a major step toward deepening economic cooperation, with both nations set to collaborate on infrastructure development, renewable energy, and industrial growth.

This follows a high-level meeting between Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, and a delegation from the Saudi Fund for Development (SFD), led by its CEO, Sultan Al-Marshad.

The meeting, held in Abuja, also had in attendance Saudi Arabia’s Ambassador to Nigeria, Faisal Alghamdi, Nigeria’s Minister of Trade and Investment, Dr. Jumoke Oduwole, and the Minister of State for Finance, Dr. Doris Uzoka-Anite.

Speaking after the meeting, Edun described the talks as a significant milestone in strengthening bilateral relations.

He noted that both parties had laid a solid foundation for collaboration, with plans to make substantial progress on their first joint infrastructure project within six months.

“We have laid a strong foundation for collaboration, and over the next six months, we expect to make significant progress on our first joint infrastructure project,” Edun stated.

The minister commended Saudi Arabia’s economic transformation under its Vision 2030 initiative, particularly in the areas of tourism and infrastructure, and reaffirmed Nigeria’s commitment to similar ambitious reforms under President Bola Ahmed Tinubu.

SFD CEO Sultan Al-Marshad assured Nigeria of Saudi Arabia’s readiness to support the country’s development agenda.

He stated that the fund is prepared to finance key infrastructure projects and proposed the appointment of a Nigerian counterpart to streamline communication and project execution.