Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, stated that President Bola Tinubu’s global economic diplomacy efforts are producing positive outcomes .
The Minister shared this while addressing State House correspondents after a meeting with the president in Lagos on Sunday.
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Edun noted that the president had engaged in productive economic diplomacy across continents, visiting countries like Brazil in South America, China and India in Asia, and Germany and France in Europe.
As part of the follow-up to these efforts, Edun recently led a delegation to Riyadh, Saudi Arabia, to strengthen the relationship between President Tinubu and Saudi Crown Prince Mohammed bin Salman.
The delegation included Sen. Abubakar Bagudu, Minister of Budget and National Planning, and Mr. Wale Tinubu, a member of the Presidential Economic Coordination Council.
Other members of the delegation were Ms. Sanyade Okoli, Special Adviser to the President on Finance and the Economy, and Mr. Muhammad Abdullahi, Deputy Governor of the Central Bank of Nigeria, Economic Policy.
The delegation engaged in discussions with Saudi EXIM Bank, the Saudi Development Fund, and the Saudi Agricultural and Livestock Investment Company, SALIC, to explore investment opportunities in Nigeria.
“Twice in the last year, Mr. President has been in Saudi Arabia, had meetings with the Crown Prince, and discussed trade, economic cooperation, financial collaboration, and other partnerships.
“We just followed up on some of those leads across the various opportunities for foreign direct investment, trade partnerships, and financial investments,” said Edun.
Edun revealed that SALIC increased its investment in Olam by $1.2 billion on December 23, reflecting the ongoing success of these engagements.
The minister emphasized that President Tinubu had implemented measures to stabilize Nigeria’s macroeconomic environment to attract such investments.
He highlighted that the delegation’s efforts would result in potential investments, foreign exchange inflows, and job creation for Nigerians.
“If you look at Saudi Arabia’s demographics, they are investing abroad but not exporting their people like other populous countries.
“So, clearly, where they invest, that means jobs for Nigerians. That’s the simplest way I would put it.
“The Olam transaction was initiated at the first Business Council Meeting last year in Saudi Arabia and came to fruition this year,” said Edun.
Saudi Arabia Recognizes Tinubu’s Reforms – Bagudu
Sen. Abubakar Bagudu, also speaking to correspondents, remarked that Saudi leaders see President Tinubu as a reformer, much like Crown Prince Salman, who transformed Saudi Arabia.
He recalled the Crown Prince’s bold reforms, including removing oil subsidies and introducing VAT, which revolutionized Saudi Arabia’s economy.
“He faced a population that believed they were wealthy and entitled. He introduced reforms, which were unusual then, but today Saudi Arabia is an investment wonderland.
“For them, they see Tinubu taking similar risks and reforms under greater challenges, and they celebrate his courage and leadership,” Bagudu said.
He expressed confidence that the Saudi-Nigeria relationship would deepen, leading to enhanced reserves and economic ties.
Looking ahead, Bagudu said Nigeria’s economy had turned a corner, with 2025 expected to bring lower inflation, increased employment, enhanced infrastructure, and better quality of life.
“We’ve made tough choices, and the worst is behind us. In 2025, we expect a stronger economy, better funding for security, improved human capital development, and growth across key sectors,” Bagudu concluded.
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