The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun announced on Sunday that the country’s recent economic diplomacy with Saudi Arabia had started to deliver positive outcomes, including investments, foreign exchange inflows, and job creation.
Edun had led a high-level delegation to Saudi Arabia to follow up on President Buhari’s prior engagements with Saudi Crown Prince Mohammed bin Salman.
Edun, speaking to the press after a brief meeting with President Bola Tinubu, emphasized, “What we have brought back is investment. What we have brought back is foreign exchange. What we have brought back are jobs for Nigerians”
He explained that these efforts are part of the administration’s broader strategy to attract foreign direct investment, foster trade partnerships, and promote financial collaborations.
Highlighting a major achievement, Edun pointed to the Saudi Agricultural Livestock Investment Company’s (SALIC) recent $1.2 billion investment in Olam Agri Holdings.
He described this as a testament to President Tinubu’s reforms and the stabilisation of Nigeria’s macroeconomic environment.
“This type of transaction reflects the success of Mr. President’s strategy. It demonstrates the confidence global investors have in the steps being taken to attract and encourage such investments,” he added.
Edun emphasized that these investments lead to direct job creation for Nigerians, noting that Saudi Arabia’s focus on foreign investments does not involve exporting its own labor force. “Clearly, where they invest, that is jobs for Nigerians,” he asserted.
He also pointed out the government’s ongoing efforts to reduce inflation, especially food inflation, through initiatives like dry-season farming, aimed at ensuring a bountiful harvest and lowering food prices.
“Every effort is being made to bring down the price of food and the cost of living for the average Nigerian,” Edun noted.
The delegation to Saudi Arabia included representatives from the CBN, the Ministry of Budget and Economic Planning, and the Presidential Economic Coordination Council.
This visit further advanced the president’s economic diplomacy efforts, which have taken him to several global capitals, including Brazil, China, India, Germany, and France.
