Business
Trending

Saudi Arabia Targets Nigeria’s Mining, Agriculture, Finance Sectors

Saudi Arabia and Nigeria have agreed on a strategy to boost the Kingdom’s investments across various sectors in the West African country, reported the Saudi Press Agency (SPA).

The President of the Federation of Saudi Chambers, Hassan bin Mujib Al Huwaizi, met on Thursday with Nigeria’s Solid Minerals Minister, Dele Alake, and Nigeria’s State Finance Minister, Doris Uzoka, during their official visit to Saudi Arabia.

The meeting saw the attendance of a large number of Saudi investors and leaders from the private sector. They agreed on a joint plan to strengthen and attract Saudi investments in Nigeria across the sectors of mining, agriculture, food products, banking services, and financial technology (FinTech).

During his speech, Al Huwaizi emphasized the significance of the Saudi-Nigerian Business Council in enhancing economic relations. He also expressed his aspirations to bolster the partnership between both countries in the fields of agriculture, livestock and mining.

Meanwhile, the Nigerian Minister of Solid Minerals, Dele Alake, invited Saudi investors to invest in Nigeria‘s mining sector and participate in exploration operations.

He noted that his country boasts 95% untapped mineral lands and $700bn worth of minerals. He also highlighted Nigeria’s measures to protect and encourage foreign investments, including tax exemptions and duty-free imports and exports for machinery.

On her part, the Nigerian Minister of State for Finance, Doris Uzoka, assured investors that there are no restrictions on transferring or withdrawing funds.

She invited the Saudi business sector to explore investment opportunities in 70% of agricultural lands as well as the financial sector, highlighting the incentives provided by Nigeria across these sectors.

The trade exchange between Saudi Arabia and Nigeria has reached SAR 2.7bn. The service sector contributes 44% to Nigeria’s economy, while industry contributes 30.8% and agriculture 23.7%. These sectors offer promising opportunities for Saudi investors.

Short link :

Related Stories

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button