Investments : Speaker Solicits Strategic Partnership With Saudi Arabia

Speaker of the House of Representatives, Dr Abbas Tajudeen has called for a strategic partnership with the Kingdom of Saudi Arabia to bolster investment opportunities in Nigeria.

During a courtesy call on him by the Saudi Arabia Nigerian Parliamentary Friendship Group the Speaker, who acknowledged the longstanding diplomatic ties between Nigeria and Saudi Arabia spanning over 25 years, advocated increased collaboration in trade and investment, tourism, oil and gas, and infrastructure.

Represented by his Deputy, Mr Benjamin Kalu, the Speaker expressed the vision for a robust collaboration across various sectors, including trade and investment and tourism.

“In oil and gas, we aim to leverage your expertise for mutual benefits. We are moving away from crude oil exports and desire to delve into refined products, an area in which you have established yourselves. We seek a strategic partnership along that corridor.

“Infrastructure demands attention. President Buhari has visited Saudi Arabia and other Arab nations, inviting investors to contribute. Specific investments are needed in our infrastructure, from railways to standard hospitals, creating connections to facilitate economic integration across all regions of the country, thereby making the marketing of our products more accessible.

“Agriculture and agricultural businesses call for a partnership between us. Nigeria is looking to transition to more mechanized farming. Subsistence farming, or hand-to-mouth farming, is not sustainable”.

“We are seeking a strategic partnership that will enhance the productivity of both our people and our land. Our land is arable and highly productive. We are blessed with land capable of producing abundantly in agriculture”.

“With technology, the right seedlings, and proper products, we can produce a considerable amount for the African continent and the world”.

Addressing a disparity in the volume of trade concerning mineral resources, Dr Abbas called for a balance in trade between both countries, emphasizing Nigeria’s determination to grow its Gross Domestic Product (GDP).

“Mineral resources are crucial, and the current GDP contribution of 0.3% is insufficient. Nigeria aims to increase it to at least 3%, requiring more partners in the solid mineral space”.

“Our relationship has seen an impressive, steady trajectory, with an annual growth of 19.5% on your side and 10.5% on ours since 1995. However, there is a need for balance in trade as it currently favors Saudi Arabia more than Nigeria”.

Dr Abbas, recalling global unity in fighting COVID-19, urged Saudi Arabia to collaborate with Nigeria in combating climate change and global warming challenges in Africa, assuring them of parliamentary support.

In his presentation, the Acting Chairman of the group and leader of the delegation, Dr. Abdullah Hamad Alsalamah, stated that their mission was to seek new ways to strengthen the partnership with Nigeria for mutual benefits.

“We gather here today to explore future bilateral relations. Nigeria is a strategic partner, essential for our economic and political interests. We seek to strengthen our strategic partnership in economic and political relationships”.

By Oduyemi Odumade, Edited By Grace Namiji