Riyadh, Saudi Arabia – January 18, 2025 – In a significant step toward strengthening economic ties, leaders from Saudi Arabia’s private sector and senior Nigerian officials have agreed on a joint strategy to promote and attract Saudi investments into Nigeria. The partnership will focus on vital sectors including mining, agriculture, food products, banking services, and financial technologies. This initiative aims to deepen bilateral cooperation and open new avenues for growth and development between the two nations.
The agreement was formalized during a key meeting held today in Riyadh, which brought together influential figures from both countries. The meeting was led by Hassan bin Moejeb Al-Huwaizi, President of the Federation of Saudi Chambers, who welcomed Nigerian ministers Dele Alake, the Minister of Solid Minerals, and Doris Uzoka, the Minister of State Finance. Saudi investors also attended the session, marking an important moment for the expansion of commercial ties.
In his opening remarks, President Al-Huwaizi underscored the pivotal role of the Saudi-Nigerian Business Council in enhancing bilateral economic relations. He highlighted Saudi Arabia’s keen interest in collaborating more extensively with Nigeria in sectors such as agriculture, livestock, and mining. These sectors, he emphasized, hold considerable potential for growth and investment, benefiting both nations.
Minister Dele Alake of Nigeria’s Ministry of Solid Minerals took the opportunity to actively encourage Saudi investors to explore opportunities in Nigeria’s mining sector. He highlighted the untapped potential of the country's vast mineral resources, with approximately 95% of its mining lands still under-explored. Nigeria’s mineral wealth is valued at an estimated $700 billion, and Minister Alake assured Saudi investors that the Nigerian government is committed to protecting foreign investments. He also outlined several investment incentives, including tax exemptions and duty-free imports and exports for machinery, which aim to create a conducive and attractive investment environment.
Minister Doris Uzoka, the Nigerian Minister of State Finance, further emphasized the country’s favorable investment climate, noting that Nigeria imposes no restrictions on the transfer or exit of funds. She also encouraged Saudi investors to explore Nigeria’s agricultural sector, which is home to over 70% of the country’s arable land. The minister pointed out that Nigeria’s agricultural industry, alongside its thriving financial sector, offers significant investment opportunities. In addition, she outlined various incentives available to investors, which include favorable policies and tax breaks aimed at stimulating growth in these crucial sectors.
The economic engagement between Saudi Arabia and Nigeria is already showing promise. The trade exchange volume between the two countries reached SAR 2.7 billion, with Nigeria’s service sector contributing 44% to its GDP, followed by industry at 30.8%, and agriculture at 23.7%. This economic structure presents numerous promising opportunities for Saudi investors, especially in sectors that are integral to both nations’ development agendas.
This new strategy for promoting Saudi investments in Nigeria marks a promising chapter in the growing economic relationship between the two countries. By focusing on key sectors such as mining, agriculture, and financial technologies, both nations are poised to benefit from mutually advantageous partnerships that can drive long-term growth, economic diversification, and sustainable development. Through this collaboration, Saudi Arabia and Nigeria are demonstrating their commitment to building a stronger, more interconnected global economy, while creating lasting opportunities for their business communities.
