President Bola Tinubu has assured potential investors that their investments are safe in Nigeria.
President Tinubu said that Nigeria is open for business while promising investors some of the best returns on investment in the world during his speech at the Saudi-Africa Summit on Friday in Riyadh, Saudi Arabia. The remark was released by the presidential spokesperson, Ajuri Ngelale.
According to the President, Nigeria wants to work more closely with the Kingdom of Saudi Arabia to battle terrorist groups that have been terrorizing the Sahel and Lake Chad regions, including Boko Haram, ISWAP, and other violent extremist groups.
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“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. I am confident that our joint positive disposition 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 the merging of 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 can not be over-emphasized,” the President said.
Through the King Salman Humanitarian Aid and Relief Center, President Tinubu expressed gratitude to the Kingdom for its numerous humanitarian initiatives in Nigeria.
Speaking about climate change and its effects on Africa, President Tinubu claimed that in Nigeria and many other African nations, it has accelerated the rate of desertification and caused constant flooding.
He commended the Kingdom on its efforts to combat climate change effects through a number of programs, noting that Nigeria is also pursuing a number of initiatives to combat climate change effects and energy poverty.
“Recently, we launched a data-driven Energy Transition Plan which 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 said.
On the situation in the Middle East, particularly in Palestine, the President reiterated Nigeria’s call for an immediate ceasefire and the pursuit of a peaceful resolution to the conflict.
