President Tinubu’s economic diplomacy delivering results – Finance Minister
By Kunle Sanni
Nigeria’s economic diplomacy under President Bola Tinubu is yielding tangible results, according to Wale Edun, Minister of Finance and Coordinating Minister of the Economy.
Speaking to journalists in Lagos on Sunday after a meeting with the President, Edun highlighted Tinubu’s proactive engagements with global leaders and institutions as instrumental in driving foreign investments and fostering economic partnerships.
“President Tinubu has embarked on fruitful economic diplomacy across continents, including South America, Asia, and Europe, with significant engagements in Brazil, China, India, Germany, and France. These efforts are already producing positive outcomes,” Edun said.
Edun revealed that as part of these diplomatic efforts, he recently led a high-level delegation to Riyadh, Saudi Arabia, to strengthen ties with Crown Prince Mohammed bin Salman and advance trade and investment discussions.
The delegation, which included Budget and National Planning Minister Abubakar Bagudu, Presidential Economic Coordination Council member Wale Tinubu, Special Adviser on Finance and the Economy Sanyade Okoli, and Central Bank Deputy Governor Muhammad Abdullahi, engaged with major Saudi entities such as the Saudi EXIM Bank, the Saudi Development Fund, and the Saudi Agricultural and Livestock Investment Company (SALIC).
A key milestone from the visit was SALIC’s $1.2 billion investment in Olam, a major player in Nigeria’s agricultural sector, announced on December 23.
“This transaction, first discussed at the Business Council Meeting last year in Saudi Arabia, represents a significant step forward in foreign direct investment and job creation for Nigerians,” Edun noted.
Edun emphasized that Tinubu’s economic reforms, particularly efforts to stabilize the macroeconomic environment, have been crucial in attracting international investors like SALIC.
“These investments bring in foreign exchange inflows and create jobs for Nigerians,” he stated.
He also highlighted Saudi Arabia’s unique investment model, which focuses on creating local jobs rather than exporting labor, ensuring opportunities for Nigerians.
Budget Minister Bagudu, who also spoke at the briefing, compared Tinubu’s bold economic reforms to those of Crown Prince Salman in Saudi Arabia.
“The Saudis view President Tinubu as a leader implementing transformative changes, much like the reforms that turned Saudi Arabia into a global investment hub,” Bagudu remarked.
He praised Saudi Arabia’s success in diversifying its economy, calling it a model for Nigeria.
“Today, Saudi Arabia is a wonderland of investment, with capital flowing in from around the world. This is the direction Nigeria is heading under Tinubu’s leadership,” Bagudu concluded.
