The Federal Government is seeking a $5 billion trade loan from Saudi Arabia to boost capital for its economic reform programme.
The presidency announced this in a statement on Tuesday, following President Bola Tinubu’s meeting with Crown Prince Mohammed bin Salman in Riyadh during the joint Arab-Islamic summit.
No further details about the facility were disclosed according to Bloomberg
The presidency confirmed that the crown prince assured the Federal Government of Saudi Arabia’s support for its economic reforms.
“The two leaders explored potential areas for cooperation, particularly in oil and gas, agriculture, infrastructure, and the establishment of the Saudi-Nigeria Business Council,” the statement added.
Earlier, The federal government initially proposed the investment a year ago when Saudi Arabia and Nigeria formed the Saudi-Nigeria Business Council.
At the time, Budget and Economic Planning Minister Abubakar Atiku Bagudu expressed optimism about “significant investment” inflows from Saudi Arabia.
The Memorandum of Understanding (MoU) includes funding in agriculture, oil and gas, energy, telecommunications, and technologies.
“We expect to see significant investment flow worth billions of dollars immediately,” Bagudu told reporters in Riyadh.
The council had been discontinued during the administration of former President Muhammadu Buhari.
In May, the federal government and Saudi Arabia agreed to enhance bilateral relations and explore investment opportunities in agriculture and trade, according to the Ministry of Information. By November 2023, discussions between the two nations expanded to include opportunities in technology, telecommunications, oil and gas, and mining.
