Abuja, Nigeria – February 2025 – Saudi Arabia has reaffirmed its commitment to financing major infrastructure projects in Nigeria, with a proposal to appoint a designated Nigerian counterpart to enhance project prioritization and communication for seamless execution.
This was disclosed by the Chief Executive Officer (CEO) of the Saudi Fund for Development (SFD), Sultan Al-Marshad, during a high-level meeting with Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, in Abuja. The engagement aimed to strengthen economic ties between Nigeria and Saudi Arabia.
The meeting also included Saudi Arabia’s Ambassador to Nigeria, Faisal Alghamdi, Nigeria’s Minister of Trade and Investment, Dr. Jumoke Oduwole, and Minister of State for Finance, Dr. Doris Uzoka-Anite. Discussions focused on key areas such as industrial development, renewable energy, and infrastructure investments to drive economic growth, job creation, and poverty reduction.
A statement by Director of Press and Public Relations, Mohammed Manga, quoted Minister Wale Edun as saying:
“We have laid a strong foundation for collaboration, and over the next six months, we expect to make significant progress on our first joint infrastructure project.”
Edun also praised Saudi Arabia’s Vision 2030 initiative, highlighting its remarkable progress in tourism and infrastructure development. He reaffirmed Nigeria’s commitment to ambitious reforms under President Bola Ahmed Tinubu’s leadership, aimed at fostering a stable investment climate that attracts both domestic and foreign investors.
SFD’s Sultan Al-Marshad reiterated Saudi Arabia’s commitment to strengthening economic cooperation, confirming the organization’s readiness to finance major infrastructure projects in Nigeria. He also emphasized the importance of appointing a Nigerian counterpart to streamline project execution.
The meeting reinforced the growing partnership between Nigeria and Saudi Arabia, highlighting their shared vision for sustainable development and economic growth through strategic collaboration.
Source: Ndubuisi Francis, ThisDay Newspaper
