Saudi Crown Prince applauds Tinubu over Economic reforms

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The Crown Prince and Prime Minister of Saudi Arabia, Mohammed bin Salman, has praised President Bola Tinubu for his economic reforms.

Presidential spokesman Bayo Onanuga disclosed this in a statement during the Joint Arab-Islamic Summit in Riyadh, the capital of Saudi Arabia.

He said Tinubu and Crown Prince Salman explored areas for cooperation, especially in oil and gas, agriculture, infrastructure, and the establishment of a Saudi-Nigeria business council.

“The Crown Prince commended President Tinubu’s economic reforms, noting parallels with his own measures to enhance Saudi Arabia’s stability and growth when he assumed the role of Prime Minister,” the statement read.

“He also assured Nigeria of his support and pledged to encourage his team to advance the various partnership areas discussed during the meeting.”

According to Onanuga, Nigeria is pursuing an agreement with the Saudi government regarding a proposed $5 billion bilateral trade facility between the two countries.

“The Saudi Agricultural and Livestock Investment Company (SALIC) invested $1.24 billion in 2022 to acquire a 35.43% stake in Olam Agri, one of Nigeria’s leading agricultural firms,” the statement continued.

“Discussions are underway for SALIC to acquire a larger stake in the company, with the Saudis aiming for the investment to position Olam as one of the world’s leading agro-allied businesses,” he added.