News Saudi Arabia Riyadh: Saudi Arabia Seeks to Enhance Mining, Agricultural, and Financial Investments in Nigeria
Riyadh, January 16, 2025, SPA -- Leaders from Saudi Arabia’s private sector have agreed with senior Nigerian officials on a joint strategy to promote and attract Saudi investments in Nigeria, focusing on key sectors such as mining, agriculture, food products, banking services, and financial technologies. During a meeting today, President of the Federation of Saudi Chambers Hassan bin Moejeb Al-Huwaizi met with Minister of Solid Minerals of the Federal Republic of Nigeria Dele Alake and Minister of State Finance of the Federal Republic of Nigeria Doris Uzoka. The meeting was attended by Saudi investors. In his opening remarks, President Al-Huwaizi emphasized the importance of the Saudi-Nigerian Business Council in strengthening economic relations. He expressed Saudi Arabia’s interest in enhancing collaboration with Nigeria in the agriculture, livestock, and mining sectors. Minister of Solid Minerals Dele Alake encouraged Saudi investors to participate in Nigeria’s mining sector and engage in exploration activities. He highlighted the potential of utilizing 95% of the country’s untapped mining lands and a mineral wealth estimated at $700 billion. He assured investors of Nigeria’s commitment to safeguarding foreign investments and outlined incentives such as tax exemptions and duty-free imports and exports for machinery. Minister of State Finance Doris Uzoka underscored Nigeria’s favorable investment environment, noting that there are no restrictions on the transfer or exit of funds. She urged Saudi investors to explore opportunities in the agricultural sector, which has over 70% of arable land, as well as in the financial sector. She highlighted various incentives available to investors across these sectors. The trade exchange volume between Saudi Arabia and Nigeria reached SAR 2.7 billion. In Nigeria, the service sector contributes 44% to the GDP, followed by industry at 30.8% and agriculture at 23.7%, presenting promising opportunities for Saudi investors. --SPA 18:03 Local Time 15:03 GMT 0052
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