Saudi Crown Prince and Prime Minister, Mohammed bin Salman bin Abdulaziz Al Saud, has pledged support for Nigeria’s economic reform initiatives.
Bayo Onanuga, in a statement on behalf of President Bola Tinubu, revealed that the assurance was given during a meeting between the two leaders on Monday in Riyadh. The meeting occurred on the sidelines of the Joint Arab-Islamic Summit.
Discussions between President Tinubu and the Crown Prince focused on potential areas of cooperation, including oil and gas, agriculture, infrastructure development, and the establishment of the Saudi-Nigeria Business Council.
A key item on Nigeria’s agenda was a proposed $5 billion bilateral trade facility with Saudi Arabia. Notably, the Saudi Agricultural and Livestock Investment Company (SALIC) has already invested $1.24 billion to acquire a 35.43% stake in Olam Agri, one of Nigeria’s leading agricultural firms.
Ongoing negotiations aim to increase SALIC’s stake in the company, with the Saudis envisioning Olam becoming a global leader in agro-allied businesses.
Crown Prince Mohammed bin Salman praised President Tinubu’s economic reforms, drawing parallels with his efforts to enhance Saudi Arabia’s development and stability.
He assured Mr Tinubu of his commitment to fostering the partnerships discussed and directed his team to expedite their realization.
Accompanying the Crown Prince at the meeting were senior Saudi officials, including Prince Abdullah bin Bandar bin Abdulaziz (Minister of National Guard) and Prince Khalid bin Salman bin Abdulaziz (Minister of Defense).
### Nigeria’s Role in Gaza and Lebanon Conflict Resolution
Meanwhile, the Joint Arab-Islamic Summit renewed Nigeria’s mandate as part of the Ministerial Committee tasked with engaging global leaders to resolve the ongoing war in Gaza and Lebanon.
This resolution was part of the outcomes of the extraordinary summit held in Riyadh on November 11, 2024. President Tinubu joined other leaders from the Organisation of Islamic Cooperation (OIC) and the League of Arab States at the event.
The Joint Arab-Islamic Ministerial Committee, led by Saudi Arabia, was initially formed during the First Joint Arab-Islamic Summit on November 11, 2023. It includes foreign ministers from Nigeria, Egypt, Qatar, Turkey, Indonesia, Palestine, and Jordan.
The summit urged the committee to intensify efforts to end aggression in Lebanon and to submit regular reports to member states through the OIC and the League of Arab States.
Additionally, the committee was directed to engage Global South actors to rally international support for ending the war and the Israeli occupation.
The summit’s resolutions emphasised the importance of protecting sea lanes under international law and commended the tripartite agreement among the League of Arab States, OIC, and the African Union to support Palestine.
African Union support for Palestine was particularly lauded, with leaders condemning Israeli military actions in northern Gaza, describing them as “crimes of genocide.” Allegations included torture, executions, disappearances, and “ethnic cleansing.”
The summit reaffirmed that East Jerusalem is the “eternal capital” of Palestine and called for the unification of the West Bank, Gaza Strip, and East Jerusalem under a sovereign Palestinian state. It also rejected any Israeli attempts to alter the identity or consolidate the occupation of East Jerusalem.
Additionally, the summit expressed firm support for Lebanon’s sovereignty, stability, and the safety of its citizens, underscoring the broader commitment to peace and security in the region.
