President Bola Tinubu on Friday assured potential investors that their investments are safe in Nigeria.
Addressing the Saudi-Africa Summit in Riyadh, Saudi Arabia, President Tinubu emphasized Nigeria’s readiness for business and guaranteed investors the prospect of some of the world’s most substantial returns on investment.
“I also wish to assure all potential Saudi investors of the safety of their investments based on the sanctity of the rule of law and good returns on their investments in the largest economy in Africa,” the President was quoted in a statement by his media aide, Ajuri Ngelale.
“In this regard, the benefit attached to the early inauguration of the Nigeria-Saudi Business Council can not be over-emphasized. Nigeria, like the Kingdom, is diversifying its economy away from oil dependence to promote sustainable development.”
“My administration has undertaken bold economic reforms by removing wasteful subsidies on petroleum and the merging of our foreign exchange market, among other incentives aimed at improving the ease of doing business in Nigeria.”
Tinubu expressed Nigeria’s eagerness to strengthen collaboration with Saudi Arabia in the fight against terrorist organizations such as Boko Haram, ISWAP, and other violent extremist groups that have been causing havoc in the Lake Chad and Sahel regions.
He said, “Nigeria and Saudi Arabia have always enjoyed a special relationship at both the bilateral and multilateral levels. Within the past six decades, our bilateral cooperation, which was initially hajj-centric, has witnessed diversification to cover a number of areas of common interest.”
“It is delightful to note the presence in this great Kingdom of a large number of our compatriots and professionals, including highly skilled medical practitioners and professional football players.”
“As members of several international organizations including the UN, the Organization of Petroleum Exporting Countries, the International Energy Forum, the G77, the Islamic Development Bank, and the Digital Cooperation Organization among others, our two nations have effectively used these and other platforms to enhance close interaction and coordination.”
The President expressed confidence that the positive collaboration between the countries within those platforms would persist “as we strive to advance our shared interests.” Additionally, he expressed gratitude to the Middle-East nation for its various humanitarian interventions in Nigeria through the King Salman Humanitarian Aid and Relief Centre.
Addressing the impact of climate change on Africa, President Tinubu highlighted its role in accelerating desertification and persistent flooding in Nigeria and other African nations. He applauded the Kingdom’s initiatives in combating the effects of climate change and mentioned that Nigeria is actively engaged in several initiatives to address the challenges posed by climate change and energy poverty.