Nigeria is pursuing a $5 billion trade loan from Saudi Arabia to strengthen its economic reform initiatives, the presidency announced Tuesday.
President Bola Ahmed Tinubu discussed the potential loan with Saudi Crown Prince Mohammed bin Salman during the Arab-Islamic Summit in Riyadh. The presidency’s statement noted the Crown Prince’s assurance of support for Nigeria’s economic agenda.
“The two leaders explored potential areas for cooperation, particularly in oil and gas, agriculture, infrastructure, and the establishment of the Saudi-Nigeria Business Council,” stated Bayo Onanuga, Special Adviser on Information and Strategy.
Initial discussions on Saudi investment began last year, and recent dialogue has expanded to include sectors like technology, telecommunications, and mining. According to Budget and Economic Planning Minister Abubakar Atiku Bagudu, Nigeria expects “significant investment flow worth billions of dollars.”
—Ezinwanne Onwuka reports for TruthNigeria from Abuja.
