Saudi Arabia Aims to Invest in Nigeria’s Mining, Agriculture, and Finance Sectors

Saudi Arabia and Nigeria have formulated a strategy to enhance the Kingdom’s investments in various sectors within the West African nation, according to the Saudi Press Agency (SPA).

Hassan bin Mujib Al Huwaizi, President of the Federation of Saudi Chambers, received Nigeria's Solid Minerals Minister, Dele Alake, and State Finance Minister, Doris Uzoka, during their official visit to Saudi Arabia on Thursday.

It is on this note that a joint plan on how to enhance and attract Saudi investments in Nigeria was agreed on at the meeting, which was attended by several Saudi investors and private sector leaders with interests in mining, agriculture, food products, banking services, and financial technology.

In the speech, Al Huwaizi called attention to the fact that the Saudi-Nigerian Business Council is deepening economic knocks. He added, "My desire is to deepen cooperation between the two nations in agriculture, livestock, and mining.".

In a related development, Nigeria's Minister of Solid Minerals, Dele Alake, invited Saudi investors to explore opportunities in Nigeria's mining sector and participate in exploration activities.

He pointed out that Nigeria holds 95% untapped mineral reserves, valued at $700 billion, and emphasized the country’s efforts to protect and attract foreign investments, including offering tax exemptions and duty-free imports and exports for machinery.

The Nigerian Minister of State for Finance, Doris Uzoka, reassured investors that there are no restrictions on the transfer or withdrawal of funds.

She encouraged the Saudi business community to explore investment opportunities in 70% of Nigeria’s agricultural lands, as well as in the financial sector, emphasizing the incentives available in these areas.

Trade between Saudi Arabia and Nigeria has reached SAR 2.7 billion. Nigeria’s economy is driven by the service sector, which accounts for 44%, followed by industry at 30.8% and agriculture at 23.7%, all of which present promising opportunities for Saudi investors.