President Bola Tinubu has assured potential investors that their investments are safe in Nigeria.
Speaking at the Saudi-Africa summit in Riyadh, Saudi Arabia, on Friday, Tinubu said Nigeria is ready for business.
He assured investors of some of the world’s highest returns on investment.
“Nigeria and Saudi Arabia have always enjoyed a special relationship at both the bilateral and multilateral levels,” he said.
“Within the past six decades, our bilateral cooperation, which was initially hajj-centric, has witnessed diversification to cover a number of areas of common interest.
“It is delightful to note the presence in this great Kingdom of a large number of our compatriots and professionals, including highly skilled medical practitioners and professional football players.
“As members of several international organizations including the UN, the Organisation of Petroleum Exporting Countries, the International Energy Forum, the G77, the Islamic Development Bank, the Digital Cooperation Organisation among others, our two nations have effectively used these and other platforms to enhance close interaction and coordination.”
Furthermore, Tinubu expressed confidence that both nations’ 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,” he said.
“My administration has undertaken bold economic reforms by removing wasteful subsidies on petroleum and the merging of 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, Tinubu said the benefit attached to the early inauguration of the Nigeria-Saudi business council can not be overemphasised.
Speaking on climate change and how it affects Africa, Tinubu said climate change has led to an expedited rate of desertification and incessant flooding in Nigeria and many other African countries.
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 a number of initiatives to fight the effects of climate change and energy poverty.
