Saudi Crown Prince lauds Nigeria’s economic reforms, pledges stronger bilateral ties
By Kunle Sanni
The Saudi Crown Prince and Prime Minister, Mohammed bin Salman bin Abdulaziz Al Saud, has expressed Saudi Arabia’s commitment to support Nigeria’s economic reforms and strengthen ties between the two nations.
The assurance came during a meeting on Monday in Riyadh between the Crown Prince and Nigerian President Bola Ahmed Tinubu, held on the sidelines of the Joint Arab-Islamic Summit.
During the high-profile talks, the two leaders explored potential areas for collaboration, focusing on oil and gas, agriculture, infrastructure, and the establishment of a Saudi-Nigeria Business Council. Nigeria also proposed a $5 billion bilateral trade facility to boost economic exchange between the countries.
Highlighting Saudi Arabia’s commitment to Nigerian agriculture, the Crown Prince pointed to the Saudi Agricultural and Livestock Investment Company (SALIC), which in 2022 invested $1.24 billion to secure a 35.43% stake in Olam Agri, a leading Nigerian agribusiness. Discussions are ongoing to expand SALIC’s stake, with Saudi Arabia aiming to position Olam as a global leader in agro-allied industries.
The Crown Prince commended President Tinubu’s economic reforms, comparing them to his own efforts to strengthen Saudi Arabia’s stability and development since assuming office. He pledged Saudi Arabia’s support for Nigeria’s policies, promising to mobilize his team to accelerate the areas of partnership discussed.
The meeting was attended by Saudi officials, including the Minister of National Guard, Prince Abdullah bin Bandar bin Abdulaziz, and the Minister of Defense, Prince Khalid bin Salman bin Abdulaziz.
In a related development, the Joint Arab-Islamic Summit renewed Nigeria’s mandate on the Ministerial Committee for Peace in Gaza and Lebanon.
At the summit, held on November 11, 2024, in Riyadh, Nigeria joined other member states of the Organisation of Islamic Cooperation (OIC) and the League of Arab States in adopting a resolution calling for diplomatic action to end the ongoing conflicts.
Led by Saudi Arabia, the Ministerial Committee was formed during the First Joint Arab-Islamic Summit in 2023 and includes the foreign ministers of Nigeria, Egypt, Qatar, Turkey, Indonesia, Palestine, and Jordan.
The Committee is tasked with presenting regular reports to member states via the OIC and League of Arab States’ secretariats, focusing on diplomatic efforts across the Global South.
In its final resolution, the summit urged the Committee to “intensify its efforts” to help end violence in Gaza and Lebanon. It emphasized the need to protect sea lanes under international law and welcomed a new tripartite agreement between the League of Arab States, the OIC, and the African Union, aimed at supporting the Palestinian cause.
The summit also lauded the African Union’s continued backing of Palestine. In a firm condemnation of recent Israeli military actions in northern Gaza, the resolution described them as “crimes of genocide” and called attention to alleged acts of torture, executions, disappearances, and ethnic cleansing. Leaders reaffirmed East Jerusalem as the “eternal capital of Palestine” and called for the unification of the West Bank, Gaza Strip, and East Jerusalem into a sovereign Palestinian state.
The resolution also expressed solidarity with Lebanon, voicing support for the nation’s security, sovereignty, and the protection of its citizens amidst regional tensions.
