Saudi Crown Prince and Prime Minister, Mohammed bin Salman bin Abdulaziz Al Saud, has pledged Saudi Arabia’s support for Nigeria’s economic reforms in a recent meeting with President Bola Tinubu. This assurance was made on Monday in Riyadh, during the Joint Arab-Islamic Summit, according to a statement from presidential spokesperson Bayo Onanuga.
The Crown Prince praised Tinubu’s economic reforms, drawing parallels with his own initiatives to enhance Saudi Arabia’s stability and growth as Prime Minister. He further committed to encouraging his team to advance the partnership discussions held during the meeting. The two leaders explored cooperation across sectors including oil and gas, agriculture, infrastructure, and the formation of a Saudi-Nigeria Business Council.
Nigeria is seeking an agreement with Saudi Arabia on a proposed $5 billion bilateral trade facility. In 2022, the Saudi Agricultural and Livestock Investment Company (SALIC) invested $1.24 billion to acquire a 35.43% stake in Nigeria’s Olam Agri, one of the country’s leading agricultural firms. Discussions are ongoing to expand SALIC’s investment, with hopes to position Olam among the world’s top agro-allied companies.
In attendance were several high-ranking Saudi officials, including the Saudi Minister of National Guard, Prince Abdullah bin Bandar bin Abdulaziz, and the Minister of Defence, Prince Khalid bin Salman bin Abdulaziz.
At the summit, the Joint Arab-Islamic Summit reaffirmed Nigeria’s and other member states’ roles in a ministerial committee tasked with engaging global leaders to end the conflict in Gaza and Lebanon. This resolution emerged from the extraordinary summit held in Riyadh on November 11. Leaders from the Organisation of Islamic Cooperation (OIC) and the League of Arab States, including President Tinubu, were present.
The Joint Arab-Islamic Ministerial Committee, led by Saudi Arabia, was established by a resolution at the summit, bringing together foreign ministers from Nigeria, Egypt, Qatar, Turkey, Indonesia, Palestine, and Jordan. In its final declaration, the summit urged the committee to intensify efforts to end the conflict in Lebanon and submit periodic updates, which the OIC and League of Arab States secretariats will circulate among member states.
The resolution also emphasized the importance of securing sea routes in line with international law and endorsed the tripartite mechanism signed by the League of Arab States, the OIC, and the African Union to support Palestine. The summit expressed gratitude for the African Union’s unwavering backing of Palestine and condemned recent Israeli military actions in northern Gaza, describing them as “crimes of genocide.” It criticized Israel’s ongoing expansion in occupied East Jerusalem, reiterating that East Jerusalem is the “eternal capital” of Palestine and advocating for a unified, sovereign Palestinian state.
The summit also expressed steadfast support for Lebanon’s security, stability, and sovereignty.
President Tinubu returned to Abuja on Tuesday evening, following the two-day summit. He was welcomed by Chief of Staff Hon. Femi Gbajabiamila, FCT Minister Nyesom Wike, Finance Minister Wale Edun, and APC National Chairman Dr. Abdullahi Ganduje at Nnamdi Azikiwe International Airport, Abuja.
