Your investments are safe in Nigeria, Tinubu tells Saudi investors

President Bola Tinubu has assured potential investors that their investments are safe in Nigeria.

He gave the assurance at the Saudi-Africa Summit in Riyadh, Saudi Arabia, on Friday.

President Tinubu reiterated his position that Nigeria is ready for business while assuring investors of some of the world’s highest returns on investment.

He said Nigeria is desirous of enhancing collaboration with the Kingdom of Saudi Arabia on combating terrorist organisations such as Boko Haram, ISWAP, and other violent extremist groups that have been terrorising the Lake Chad and Sahel regions.

A statement issued by Ajuri Ngelale, Special Adviser to the President (Media and Publicity), quoted him as saying: “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 organisations, including the UN, the Organisation of Petroleum Exporting Countries, the International Energy Forum, the G77, the Islamic Development Bank, and the Digital Cooperation Organisation, among others, our two nations have effectively used these and other platforms to enhance close interaction and coordination. I am confident that our joint positive dispositions within these platforms will continue to be demonstrated as we seek to advance our mutual interests.

“Nigeria, like the Kingdom, is diversifying her economy away from oil dependence to promote sustainable development. My administration has undertaken bold economic reforms by removing wasteful subsidies on petroleum and merging our foreign exchange market, among other incentives aimed at improving the ease of doing business in Nigeria.

“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. In this regard, the benefit attached to the early inauguration of the Nigeria-Saudi Business Council cannot be overemphasised.”

President Tinubu thanked the Kingdom for the various humanitarian interventions in Nigeria through the King Salman Humanitarian Aid and Relief Centre.

On climate change and how it affects Africa, President Tinubu said that the phenomenon has led to an expedited rate of desertification and incessant flooding in Nigeria and many other countries in Africa.

He commended the efforts of the Kingdom for its various initiatives to fight the effects of climate change, adding that Nigeria is also working on a number of initiatives to fight the effects of climate change and energy poverty.

Tinubu further stated: “Recently, we launched a data-driven Energy Transition Plan that sets forth a clear carbon reduction policy and targets net-zero emissions by the year 2060 while also setting out our plans for industrialization using new energy systems and universal access to modern energy services.

“Mr Chairman, let me also take this opportunity to reiterate Nigeria’s full support for the Kingdom’s bids to host the 2030 World Expo in Riyadh and the 2034 FIFA Senior Men’s World Cup, the latter of which is now all but guaranteed to succeed.”

The President reiterated Nigeria’s call for an immediate ceasefire and the pursuit of a peaceful resolution to the conflict in the Middle East, particularly with regard to Israel and Palestine.

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