“Your Investments Are Safe” – Tinubu Tells Saudi Investors

Potential investors have been reassured by President Bola Tinubu that their money is secure in Nigeria.

On Friday, November 10, President Tinubu declared that Nigeria is open for business and assured investors of some of the highest returns on investment in the world while speaking at the Saudi-Africa Summit in Riyadh, Saudi Arabia.

According to the President, Nigeria wants to work more closely with the Kingdom of Saudi Arabia to battle terrorist groups that have been terrorizing the Sahel and Lake Chad regions, including Boko Haram, ISWAP, and other violent extremist groups.

“Nigeria and Saudi Arabia have always enjoyed a special relationship at both the bilateral and multilateral levels. 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.

Read Also: Tinubu Pledges FG Support For Next Population Census

“As members of several international organizations including the UN, the Organization of Petroleum Exporting Countries, the International Energy Forum, the G77, the Islamic Development Bank, and the Digital Cooperation Organization among others, our two nations have effectively used these and other platforms to enhance close interaction and coordination. I am confident that our 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. 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, the benefit attached to the early inauguration of the Nigeria-Saudi Business Council can not be over-emphasized,” a statement released by Ajuri Ngelali, spokesperson of President Tinubu quotes the President as saying.”

President Tinubu expressed gratitude to the Kingdom for the many humanitarian interventions carried out in Nigeria by the King Salman Humanitarian Aid and Relief Centre. President Tinubu stated that climate change has accelerated desertification and continuous flooding in Nigeria and many other African countries.

He complimented the Kingdom on its efforts to combat climate change effects through a number of programs, noting that Nigeria is also pursuing a number of initiatives to combat climate change effects and energy poverty.

“Recently, we launched a data-driven Energy Transition Plan which sets forth a clear carbon reduction policy and targets net-zero emissions by the year 2060 while also setting out our plans for industrialization using new energy systems and universal access to modern energy services. Mr. Chairman, let me also take this opportunity to reiterate Nigeria’s full support for the Kingdom’s bids to host the 2030 World Expo in Riyadh and the 2034 FIFA Senior Men’s World Cup, the latter of which is now all but guaranteed to succeed,” the President said.

Regarding the Middle East situation, specifically in Palestine, the President restated Nigeria’s demand for an immediate cessation of hostilities and the pursuit of a diplomatic settlement.