President Tinubu Assures Saudi Arabian Investors Of Safety

Ismail Abdulaziz
Nov, Fri, 2023

Metro

President Tinubu assures Saudi Arabian investors of safety

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By Ismail Abdulaziz

President Bola Tinubu has assured potential Saudi Arabian investors of the safety of their investment in Nigeria.

The president stated this at the first Saudi-Africa Summit in Riyadh, Saudi Arabia, on Friday.

Tinubu said that Nigeria was ready for business while assuring investors of some of the world’s highest returns on investment.

He said that Nigeria was desirous of enhancing collaboration with the Kingdom of Saudi Arabia on combating terrorist organizations such as Boko Haram, ISWAP, and other violent extremist groups.

The president said these groups had for long being terrorizing the Lake Chad and Sahel regions of Africa.

“Nigeria and Saudi Arabia have always enjoyed a special relationship at both the bilateral and multilateral levels. Within the past six decades, our bilateral cooperation, which was initially hajj-centric, has witnessed diversification to cover a number of areas of common interest.

”It is delightful to note the presence in this great Kingdom of a large number of our compatriots and professionals, including highly-skilled medical practitioners and professional football players.

“(We are both) members of several international organisations including the UN, the Organization of Petroleum Exporting Countries, the International Energy Forum, the G77, the Islamic Development Bank, the Digital Cooperation Organization among others.

”Our two nations have effectively used these and other platforms to enhance close interaction and coordination. I am confident that our joint positive disposition within these platforms will continue to be demonstrated as we seek to advance our mutual interests.

“Nigeria, like the Kingdom, is diversifying her economy away from oil dependence to promote sustainable development. My administration has undertaken bold economic reforms by removing wasteful subsidies on petroleum and the merging of our foreign exchange market, among other incentives aimed at improving the ease of doing business in Nigeria.

“I also wish to assure all potential Saudi investors of the safety of their investments based on the sanctity of the rule of law and good returns on their investments in the largest economy in Africa. In this regard, the benefit attached to the early inauguration of the Nigeria-Saudi Business Council can not be over-emphasized,” the President said.

Tinubu thanked the Kingdom for the various humanitarian interventions in Nigeria through the King Salman Humanitarian Aid and Relief Centre.

Speaking on climate change and how it affects Africa, Tinubu said it has led to an expedited rate of desertification and incessant flooding in Nigeria and many other African countries.

He commended the efforts of the Kingdom for its various initiatives to fight the effects of climate change, adding that Nigeria was also working on a number of initiatives to fight the effects of climate change and energy poverty.

“Recently, we launched a data-driven Energy Transition Plan which sets forth a clear carbon reduction policy and targets net-zero emissions by the year 2060 while also setting out our plans for industrialization using new energy systems and universal access to modern energy services.

“Mr. Chairman, let me also take this opportunity to reiterate Nigeria’s full support for the Kingdom’s bids to host the 2030 World Expo in Riyadh and the 2034 FIFA Senior Men’s World Cup, the latter of which is now all but guaranteed to succeed,” the President said.

On the situation in the Middle East, particularly in Palestine, the President reiterated Nigeria’s call for an immediate ceasefire and the pursuit of a peaceful resolution to the conflict.(NAN)

Edited by Ismail Abdulaziz

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