Multiple fields.. A joint plan to enhance the Kingdom’s investments in Nigeria

Saudi private sector leaders agreed with high-level Nigerian officials on a joint plan to promote and attract Saudi investments in Nigeria in the sectors of mining, agriculture, food products, banking and financial services, and financial technologies.
This came during a meeting with the President of the Federation of Saudi Chambers, Hassan bin Mujab Al-Huwaizi, today, Thursday, with the Minister of Minerals of the Republic of Nigeria, Oladeleh Alike, and the Minister of Finance, Doris Uzoka, as part of their official visit to the Kingdom, in the presence of a wide range of Saudi investors.

Developing economic relations

At the beginning of his speech, President of the Federation of Saudi Chambers, Hassan Al-Huwaizi, stressed the importance of the Saudi-Nigerian Business Council in developing economic relations, expressing their aspiration to strengthen the partnership in the field of agriculture, livestock and mining between the two countries.
Nigeria’s Minister of Minerals, Oladele Alike, called on Saudi investors to invest in the mining sector and participate in prospecting and exploration operations, to benefit from 95% of unexploited mining lands and $700 billion worth of minerals.

He noted the state’s protection for foreign investments and tax incentives and exemptions for machinery, imports and exports to investors.

Promising opportunities for Saudi investors

Nigeria’s Minister of State for Financial Affairs, Doris Uzoka, clarified that there are no restrictions on transferring and removing funds from her country, and called on the Saudi business sector to invest in more than 70% of agricultural lands and the financial sector, noting the incentives that Nigeria provides in various sectors.
The volume of trade exchange between the Kingdom and Nigeria reached 2.7 billion riyals, while the contribution of the services sector in Nigeria is 44%, industry 30.8%, and agriculture 23.7%, and these sectors represent promising opportunities for Saudi investors.