The Federal Government (FG) of Nigeria has opened talks with the Saudi Fund for Development (SFD) on the latter’s investment in Nigeria’s infrastructure development.
This was contained as Minister of Finance and Coordinating Minister of the Economy, Wale Edun, on Sunday hosted a delegation from the Fund, led by its CEO, Mr. Sultan Al-Marshad, in Abuja.
According to Mohammed Manga, the Ministry’s Director of Information and Public Relations, the discussions focused on key areas of economic collaboration, including industrial development, renewable energy, and infrastructure investments.
“We have laid a strong foundation for collaboration, and over the next six months, we expect to make significant progress on our first joint infrastructure project,” Mr. Edun was quoted as saying.
Edun praised Saudi Arabia’s massive economic development under its Vision 2030 initiative, especially in the aspect of tourism and infrastructure.
The minister also reaffirmed President Tinubu’s commitment to similar ambitious reforms under the leadership which aimed at creating a stable investment climate conducive to both domestic and foreign investments.
He expressed that the visit is a significant one which marked an important milestone in efforts to foster relationships and sustainable development between the two nations.
In his remarks, Al-Marshad reiterated Saudi Arabia’s dedication to fostering economic collaboration, confirming that the SFD is prepared to finance major infrastructure projects in Nigeria.
He also proposed the appointment of a designated Nigerian counterpart to streamline project prioritization and communication for efficient execution.
