Nigeria's Trade Minister Assures Saudi Investors Of Better Business Environment

Nigeria’s Industry, Trade and Investment Minister, Dr. Doris Uzoka-Anite has assured Saudi investors that the President Bola Ahmed Tinubu administration has kickstarted several initiatives aimed at improving the business environment for prospective investors to thrive in Nigeria.

Speaking at the Nigeria-Saudi Investment Roundtable organised by the Minister and her Saudi counterparts in Riyadh, Saudi Arabia, the Minister said; “We are cleaning up our system and removing the bottlenecks to allow foreign investors to thrive. Our business environment will be better and friendlier than it has ever been”.

The Minister also stated that the President, Bola Ahmed Tinubu is deploying measures in line with the 8-point priority areas of the Renewed Hope Agenda to retain existing investors as well as attract new ones, as she cited some of the bold reforms announced by the President on his inauguration day.

It would be recalled that the President at his inauguration, announced the withdrawal of the stifling fuel subsidy regime and the unification of the forex exchange windows.

The Minister further introduced other Nigerian Ministers including the Minister of Communications and Digital Economy, Minister of Humanitarian Affairs, Disaster Management and Social Development, and the Governor of Niger State on behalf of the Nigerian Governors present at the event to speak on their sectors which further helped convince Saudi investors about investing in Nigeria.

Drawing on the testimonies of Nigerian businessmen such as Alhaji Aliko Dangote at the meeting, Doris Uzoka-Anite said the investors can leverage Nigeria's teeming youth population and vast human capital to enjoy significant returns from their investments.

Responding to the remarks by Mr President and the Minister, the Saudi Businessmen present, expressed their optimism and signalled their intention to do business with Nigeria. They further promised to invest more in Nigeria across several sectors as a result of the convincing pitch delivered by the President and minister.

The main highlight of the Roundtable was the establishment of the Nigeria-Saudi Business Council to consolidate the new business and economic relationship between both countries. The inaugural meeting is expected to be held in Nigeria in the first quarter of 2024.

Another key win from the Roundtable was the Saudi government's promise to send a large business delegation to Nigeria in the first quarter of 2024 to look at concluding investment opportunities deals in Nigeria and preparations for this visit has already commenced with Dr Doris Uzoka-Anite coordinating the planned visit from the Saudi delegation.

In addition, the two countries signed a pact on Economic and Technical Cooperation Between Nigeria and Saudi Arabia while a Joint Business Council (JBC) between The Federation of Saudi Chambers of Commerce (FSCC) and The Nigeria-Saudi Chambers of Commerce, Industry, Mines, Agriculture was also established.

The Nigerian Minister of Finance & Coordinating Economy also gave the closing remarks thanking the Saudis for their hospitality and inviting them to Nigeria to witness a new dawn of investment opportunities.

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