FG Seeks Saudi Investment For Infrastructure Development

The federal government has initiated discussions with the Saudi Fund for Development (SFD) to secure investments for the country’s infrastructure development.

Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, hosted a high-level delegation from the fund, led by its Chief Executive Officer (CEO), Mr. Sultan Al-Marshad, in Abuja recently.

According to the Ministry’s Director of Information and Public Relations, Mr. Mohammed Manga, the talks focused on key areas of economic collaboration, including industrial development, renewable energy, and large-scale infrastructure investments.

Speaking at the meeting, Mr. Edun highlighted the importance of the collaboration, emphasising that a strong foundation for partnership had been established. He revealed that over the next six months, significant progress is expected on the first joint infrastructure project between Nigeria and Saudi Arabia.

Honourable Minister also commended Saudi Arabia’s remarkable economic strides under its Vision 2030 initiative, particularly in the tourism and infrastructure sectors. He reiterated Nigeria’s commitment to implementing similar ambitious reforms under President Bola Ahmed Tinubu’s leadership, aimed at fostering a stable and attractive investment climate for both domestic and foreign investors.

Mr. Edun stressed that the visit represented a key milestone in the efforts to promote sustainable development between both nations. He underscored Nigeria’s readiness to leverage Saudi Arabia’s financial and technical expertise to drive infrastructure growth.

In response, Mr. Al-Marshad reaffirmed Saudi Arabia’s dedication to deepening economic cooperation with Nigeria. He announced that the SFD is prepared to finance major infrastructure projects in the country, signalling a new era of collaboration.

To ensure effective project execution, Mr. Al-Marshad proposed the appointment of a designated Nigerian counterpart to streamline project prioritisation and communication. This move is expected to enhance efficiency in the planning and implementation of strategic infrastructure initiatives.

The engagement between Nigeria and Saudi Arabia marks a significant step toward strengthening bilateral relations and advancing Nigeria’s economic transformation agenda.