President Bola Tinubu on Friday assured potential investors that their investments are safe in Nigeria.
He premised this on recent “bold economic reforms” by his administration to remove wasteful subsidies on petroleum and merge the foreign exchange market, among other incentives, to improve the ease of doing business in Nigeria.
“I also wish to assure all potential Saudi investors of the safety of their investments based on the sanctity of the rule of law and good returns on their investments in the largest economy in Africa,” the President declared at the Saudi-Africa Summit in Riyadh, Saudi Arabia.
The Special Adviser to the President on Media and Publicity, Ajuri Ngelale, disclosed this in a statement on Friday titled ‘President Tinubu to Saudi investors: your investments are safe in Nigeria.’
His remarks came nearly one month after he received Saudi Arabia’s Minister of State for Foreign Affairs, Adel Al-Jubeir, who was in Abuja to invite him to the Saudi-Africa summit officially.
The President said Nigeria is eager to enhance collaboration with the Kingdom of Saudi Arabia on combating terrorist organisations such as Boko Haram, ISWAP, and other violent extremist groups terrorising the Lake Chad and Sahel regions.
Tinubu noted that Nigeria, like the Kingdom, is diversifying its economy away from oil dependence to promote sustainable development.
He recounted,
“My administration has undertaken bold economic reforms by removing wasteful subsidies on petroleum and the merging of our foreign exchange market, among other incentives aimed at improving the ease of doing business in Nigeria.”
While assuring potential Saudi investors of safety and good returns on their investments, he maintained that “the benefit attached to the early inauguration of the Nigeria-Saudi Business Council cannot be over-emphasised.”
Citing the diplomatic history between the two nations in the past six decades, the President said Nigeria-Saudi cooperation, which was initially hajj-centric, has witnessed diversification to cover several areas of common interest.
He expressed delight at the presence of many Nigerian professionals in the Kingdom, including highly skilled medical practitioners and professional football players.
Tinubu said as members of several international organisations such as the United Nations, the Organisation of Petroleum Exporting Countries, the International Energy Forum, the G77, the Islamic Development Bank, and the Digital Cooperation Organisation, among others, both nations have effectively used these and other platforms to enhance close interaction and coordination.
Therefore, he expressed confidence that the “joint positive disposition within these platforms will continue to be demonstrated as we seek to advance our mutual interests.”
President Tinubu also thanked the Kingdom for the various humanitarian interventions in Nigeria through the King Salman Humanitarian Aid and Relief Centre.
On climate change and how it affects Africa, President Tinubu said the phenomenon has led to an expedited rate of desertification and incessant flooding in Nigeria and many other countries of Africa.
He commended the efforts of the Kingdom for its various initiatives to fight the effects of climate change, adding that Nigeria is also working on several initiatives to fight the effects of climate change and energy poverty.
Citing specifics, Tinubu explained, “Recently, we launched a data-driven Energy Transition Plan which sets forth a clear carbon reduction policy and targets net-zero emissions by the year 2060 while also setting out our plans for industrialisation using new energy systems and universal access to modern energy services.”
Tinubu also called for an immediate ceasefire in the Middle East, particularly in Palestine, asking for a speedy pursuit of a peaceful resolution to the conflict.
On the 2030 World Expo, the President reiterated “Nigeria’s full support for the Kingdom’s bids to host the 2030 World Expo in Riyadh and the 2034 FIFA Senior Men’s World Cup,” adding that “the latter is now all but guaranteed to succeed.”
Expo 2030 is a proposed world’s fair to be held in 2030. The event showcases the host nation’s technological, cultural, and commercial accomplishments.
With over 190 countries participating, hosting such a significant global event is perceived to attract substantial economic and political advantages.
The candidate cities are Busan, Rome, and Riyadh.
On October 20, Tinubu received a delegation from South Korea led by the Special Envoy of the President of South Korea, Mr. Won Hee-Ryong, who relayed President Yoon Suk Yeol’s request for Nigeria’s support to host the 2030 Expo.
