Saudi Windfall: Nigeria anticipates billions in immediate investments

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Nigeria is gearing up for an "immediate" influx of multi-billion-dollar investments from Saudi Arabia following the signing of a landmark agreement.

Bloomberg reported that the agreement creates a corporate council that opens the door for Saudi Arabia to finance a number of Nigerian industries, including technology, telecommunications, energy, oil and gas, and agriculture.Abubakar Atiku Bagudu, Nigeria's Minister of Budget and Economic Planning, told Bloomberg, "We expect to see significant investment flow immediately" after a productive business round-table between Saudi and Nigerian officials.The reestablishment of the Nigeria-Saudi Arabia Business Council, initially proposed in 2019 by Crown Prince Mohammed bin Salman bin Abdulaziz, signals a new chapter in economic cooperation between the two nations.Bagudu said that Saudi Arabia wants to make a successful investment, which might cost several billion dollars in Nigeria by means of this council, similar to how it did in India, Indonesia, and Pakistan.Although precise numbers were not revealed, Bagudu emphasised undertakings from businesses such as the Saudi Agricultural and Livestock Investment Co., who are looking to sign agreements in Nigeria before the year ends. The Saudi counterpart and executives from Salic met with the Nigerian Minister of Agriculture to reinforce collaborations.Last week marked a milestone in Nigeria-Saudi Arabia relations, with the two nations sealing various investment and cooperation deals. Notably, Saudi Arabia pledged to invest in the overhaul of Nigeria's oil refineries and provide financial support for the government's foreign-exchange reforms.The momentum continues as Saudi Arabia is set to unveil detailed investment plans within a week, with officials planning to close several deals during their visit to Nigeria by the end of December. The agreement to take action was reaffirmed at the business roundtable by Saudi Arabia's Minister of Trade and Investment, Kahlid El-Falih. "We are coming for implementation, it�s an action visit. It will be to sign and begin delivery on all agreements,� Bloomberg quoted him as saying.(With inputs from Bloomberg)

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