Tinubu assures Saudi investors, declares Nigeria “Open for Business”

President Bola Tinubu commenced discussions with Saudi Arabian industry leaders at the Nigeria-Saudi investment roundtable in Riyadh on Saturday. Tinubu emphasized that his administration, with a competent team in place, is committed to dispelling negative perceptions about Nigeria’s business environment, monetary policies, and trade cooperation. He declared that Nigeria, as Africa’s largest economy, is now “open for business.”

In his address, Tinubu highlighted recent economic reforms aimed at boosting investor confidence and eliminating bureaucratic obstacles. He assured investors that the era of red tape is over, emphasizing the government’s commitment to free-market economics. Tinubu emphasized the removal of the old foreign exchange policy regime and associated corruption, creating a more conducive environment for investors.

Saudi Arabia’s Trade and Investment Minister, Kahlid El-Falih, praised Tinubu’s passionate expression and noted that Nigerians could expect substantial new investments across various sectors of the Nigerian economy. El-Falih announced plans for a visit to Nigeria with a large delegation of Saudi CEOs, focusing on implementation rather than exploratory discussions.

Saudi Arabia’s Commerce Minister, Majid bin Abdullah Al Qasabi, discussed an agreement with the World Economic Forum on service sector reform in Africa, with Nigeria as the pilot country. Al Qasabi highlighted the focus on making Nigeria’s service sector more streamlined and aligned with international standards.

Chairman of Dangote Industries, Aliko Dangote, expressed confidence in Nigeria’s potential as a global investment haven under Tinubu’s leadership. He emphasized the two-way process of investments and the value Nigerian companies can add to the Saudi economy.

At the investor roundtable, CEOs from Saudi conglomerates pitched exploratory collaboration areas to President Tinubu, covering construction, finance, energy, healthcare, agriculture, power, mining, aviation, telecommunications, arts, and hospitality. Tinubu concluded by assuring investors that Nigeria is ready and committed to not disappointing their faith.

Tinubu’s visit to Saudi Arabia includes participation in the Saudi-Africa summit and discussions on potential Saudi investments in Nigeria’s refineries and support for foreign exchange reforms.