Tinubu to attend economic summit in Saudi Arabia
President Bola Tinubu on Sunday announced plans to attend two major summits in Saudi Arabia in an effort to engage the Arab nation in the creation of businesses and increased Foreign Direct Investment (FDI).
The goal of these steps is to boost the economic sector and create vast employment opportunities, according to the Special Adviser on media and publicity to the President, Ajuri Ngelale who briefed State House Correspondents at the Presidential Villa.
He stated that this week, the President will travel to Riyadh, the Kingdom of Saudi Arabia, to attend the summits of Arab nations and Saudi Arabia.
The dates of the two events are November 10, 2023, and November 11, 2023, respectively.
Ngelale said President Tinubu would talk about a number of subjects of mutual interest about the economic ties between the areas as well as issues related to counterterrorism, the environment, and agriculture in Saudi Arabia.
Ngelale stated that increasing trade and investment between the Kingdom of Saudi Arabia and the continent of Africa will be among the other topics of discussion.
“Obviously, President Tinubu, is very keen on ensuring that the Federal Republic of Nigeria within the context of the continent is in a position to maximally leverage on opportunities that will be afforded by the implementation of the African continental Free Trade Agreement, where we will be having a single trade market of over 1 billion Africans.
“The expectation according to the United Nations Economic Commission for Africa is that by the year 2050, our market here on the continent would have surpassed $29 trillion,” the presidential aide said.
Ngelale clarified that the President will be actively spearheading the endeavour and staying busy during the trip.
Ngelale announced that President Tinubu will be attending the Arab African summit on November 11 in his capacity as the chairman of the ECOWAS authority of heads of state.
He will be leading the charge in promoting deeper integration between the two regions—the African Union and the League of Arab Nations—in terms of infrastructure, facilitation, and the creation of a new high-speed train network that would connect Arab countries in the Middle East and North Africa to the rest of the continent.
