Edun: Our Trip to Saudi Arabia Now Yielding Investments, Forex, Jobs for Nigerians
Deji Elumoye in Abuja
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, on Sunday disclosed that Nigeria’s recent economic diplomacy efforts in Saudi Arabia have started yielding reasonable annual benefits, including investments, foreign exchange inflows, and job creation for Nigerians.
Edun, who spoke with newsmen after a brief meeting with President Bola Tinubu by the Nigerian government team that recently visited Saudi Arabia on follow up mission stressed “What we have brought back is investment. What we have brought back is foreign exchange. What we have brought back is jobs for Nigerians”
Edun hadbled a high-level delegation to Saudi Arabia to follow up on President Tinubu’s earlier engagements with Saudi Crown Prince, Mohammed bin Salman.
These efforts, the Minister explained, are part of the administration’s broader strategy to attract foreign direct investment, trade partnerships, and financial collaborations.
Highlighting a key achievement, Edun referenced the Saudi Agricultural Livestock Investment Company’s (SALIC) recent $1.2 billion investment in Olam Agri, which he described as a testament to the President’s reforms and the stabilization of Nigeria’s macroeconomic environment.
According to the Minister: “This type of transaction reflects the success of Mr. President’s strategy. It demonstrates the confidence global investors have in the steps being taken to attract and encourage such investments”.
Edun stressed that these investments translate into direct job creation for Nigerians, as Saudi Arabia’s focus on investing abroad does not include exporting its own labor force.
His words: “Clearly, where they invest, that is jobs for Nigerians”.
He also stressed the government’s ongoing efforts to reduce inflation, particularly food inflation, through initiatives like dry-season farming, aimed at ensuring a bountiful harvest and lower food prices.
“Every effort is being made to bring down the price of food and the cost of living for the average Nigerian,” Edun stated.
The delegation to Saudi Arabia included representatives from the Central Bank of Nigeria, the Ministry of Budget and Economic Planning, and the Presidential Economic Coordination Council.
Their visit built on President Tinubu’s robust economic diplomacy efforts, which have taken him to various global capitals, including Brazil, China, India, Germany, and France.
According to Edun: “The proof of the pudding is in the eating. When you see jobs being created and Nigeria’s foreign reserves being added to, that is success all Nigerians can understand.”
The visit is expected to further strengthen Nigeria’s burgeoning relationship with Saudi Arabia and unlock more opportunities for economic growth and collaboration.
