NIGERIA AND SAUDI ARABIA TEAM UP ON $5 BILLION TRADE DEAL TO BOOST ECONOMIC REFORMS
This page is supported by Shell Nigeria. Click here for more information
GREATRIBUNETVNEWS–Nigeria is negotiating a massive $5 billion trade facility with Saudi Arabia to supercharge its economic reform agenda, focusing on vital sectors like oil, agriculture, and infrastructure . This deal aims to strengthen bilateral ties and unlock fresh investment opportunities between the two nations.
*Key Areas of Collaboration:*
– _Oil and Gas_: Enhancing cooperation in the energy sector
– _Agriculture_: Boosting agricultural production and trade
– _Infrastructure_: Developing critical infrastructure projects
President Bola Tinubu and Saudi Crown Prince Mohammed bin Salman discussed the proposal at the joint Arab-Islamic Summit in Riyadh, demonstrating their commitment to enhancing bilateral relations. This development comes on the heels of the Nigeria-Saudi Arabia Business Council’s establishment, marking a significant step toward long-term economic cooperation .
The potential deal is expected to attract significant Saudi investment flows, supporting Nigeria’s ongoing economic restructuring efforts .With Nigeria already securing over $30 billion in foreign direct investment under President Tinubu’s leadership, this partnership is poised to further propel the country’s economic growth .
