Riyadh: Leaders from Saudi Arabia's private sector have reached an agreement with senior Nigerian officials to implement a joint strategy aimed at attracting Saudi investments into Nigeria. This collaboration will focus on enhancing investments in critical sectors such as mining, agriculture, food products, banking services, and financial technologies.
According to Saudi Press Agency, the President of the Federation of Saudi Chambers, Hassan bin Moejeb Al-Huwaizi, held a meeting with Nigeria's Minister of Solid Minerals, Dele Alake, and Minister of State Finance, Doris Uzoka. The meeting, attended by Saudi investors, outlined the potential for Saudi-Nigerian collaboration. President Al-Huwaizi highlighted the role of the Saudi-Nigerian Business Council in fortifying economic ties and expressed Saudi Arabia's intent to strengthen partnerships in agriculture, livestock, and mining sectors.
Minister of Solid Minerals Dele Alake encouraged Saudi investors to engage in Nigeria's mining sector, urging them to participate in exploration activities. He pointed out the vast potential of the country's untapped mining lands, which could be utilized up to 95%, and a mineral wealth estimated to be worth $700 billion. Alake reassured investors of Nigeria's dedication to protecting foreign investments and mentioned incentives like tax exemptions and duty-free machinery imports and exports.
Minister of State Finance Doris Uzoka emphasized Nigeria's favorable investment climate, noting the absence of restrictions on fund transfers or exits. She invited Saudi investors to explore the agricultural sector, with over 70% of arable land, alongside opportunities in the financial sector. Uzoka outlined the various incentives available to investors in these industries.
The trade exchange volume between Saudi Arabia and Nigeria stands at SAR 2.7 billion. In Nigeria, the service sector contributes 44% to the GDP, followed by industry at 30.8%, and agriculture at 23.7%, offering promising opportunities for Saudi investors.