Business & Economy
Wale Edun Leads Delegation to Unlock New Avenues for Nigeria-Saudi Arabia Partnership
- Wale Edun Dad’s Delegation to Saudi-Arabia
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- Nigeria Request $5 Billion Trade Loan
In a move aimed at fostering stronger economic relations, Nigeria and Saudi Arabia are taking steps to enhance export credit, insurance frameworks, and market access between the two nations.
Eko Hot Blog gathers that series of high-level meetings have been held in Riyadh, as stated by Nigeria’s Federal Ministry of Finance.
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Representing President Bola Tinubu and the Presidential Economic Coordination Council, Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, led a delegation to solidify bilateral economic cooperation and uncover new opportunities for collaboration.
A key focus of the visit involved strategic discussions with the Saudi EXIM Bank, which centered on expanding export credit and insurance systems and facilitating market access between the two countries.
The Saudi EXIM Bank expressed a keen interest in strengthening partnerships with Nigerian institutions and participating in future transactions involving Saudi government entities.
Additionally, Wale Edun led delegation held talks with the Saudi Development Fund, exploring areas of collaboration to enhance infrastructure and economic development in Nigeria.
The delegation also met with the Saudi Agricultural and Livestock Investment Company (SALIC), where further discussions were held on their ongoing investments in Nigeria.
SALIC reaffirmed its commitment to responsible investment practices that prioritize food security, production growth, and job creation in the country.
Engaging with key Saudi ministers from the Finance, Energy, and Economy and Planning sectors, the Nigerian delegation continued to build upon their cooperative relationship, signaling a deepening partnership across vital areas.
As part of its economic reform programme, the Nigerian government has requested a $5 billion trade loan from Saudi Arabia, following a meeting between President Bola Tinubu and Saudi Crown Prince Mohammed bin Salman during the Joint Arab-Islamic Summit in Riyadh in November.
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Earlier discussions between the two nations in May focused on strengthening bilateral relations and exploring opportunities in agriculture and trade, with the scope of talks later expanding to include technology, telecommunications, oil and gas, and mining by November 2023.
Both countries have enjoyed strong diplomatic relations, underpinned by shared membership in organizations like OPEC and the OIC. Recent engagements suggest a strategic shift towards leveraging these connections to drive mutual economic growth and development.
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