Tinubu woos investors in Saudi Arabia

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

A statement released on Friday by a presidential spokesperson, Ajuri Ngelale, said Tinubu made this call while speaking at the Saudi-Africa Summit in Riyadh, Saudi Arabia.

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

The President said Nigeria is desirous of enhancing collaboration with the Kingdom of Saudi Arabia on combating terrorist organizations such as Boko Haram, ISWAP, and other violent extremist groups which have been terrorizing the Lake Chad and Sahel regions.

“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 several areas of common interest. It is delightful to note the presence in this great Kingdom of many 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 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 can not be over-emphasized,” the President said.

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

Speaking on climate change and how it affects Africa, Tinubu said climate change has led to an expedited rate of desertification and ongoing flooding in Nigeria and many other countries of 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 several initiatives to fight the effects of climate change 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 World Cup, the latter of which is now guaranteed to succeed,” he said.

On the situation in the Middle East, particularly in Palestine, Tinubu reiterated Nigeria’s call for an immediate ceasefire and the pursuit of a peaceful resolution to the conflict.

Recall that Tinubu arrived on Thursday for the Saudi-Africa Summit.

Earlier, Nigeria and Saudi Arabia signed a deal on energy sector cooperation.