In pursuit of his investment drive, President Bola Tinubu will travel to Riyadh, Saudi Arabia on Wednesday to participate in the Saudi-Africa Summit and Arab-Africa Summit holding this week.
Tinubu is expected to mobilize the Arab nations to invest in Nigeria, according to the Special Adviser on Media and Publicity, Ajuri Ngelale.
He said President Tinubu is also targeting new inflows of foreign exchange into the Nigerian economy through investments in growth-enabling and labour-intensive sectors.
Ngelale told State House correspondents on Sunday while on his way to Saudi Arabia as an advanced team that the President will first attend the Saudi-Africa Summit scheduled for November 10.
Persecondnews recalls that Tinubu had attended the G20 summit in India to mobilize global capital to develop infrastructure and promote increased foreign direct investments in key sectors of the country’s economy for job creation and revenue expansion.
He used the forum to also call for more U.S. investment in Nigeria when he met with President Joe Biden on the sidelines of the G20 summit in India to reinforce the enduring commitment to the U.S.-Nigeria relationship.
Ngelale listed areas of mutual engagement as strengthening economic ties between the regions with respect to the issues of counterterrorism, the environment, agriculture, among others.
He said: “President Bola Ahmed Tinubu will be heading to Riyadh, the Kingdom of Saudi Arabia to attend two major summits. The first of which is the Saudi Africa summit, at which several areas of mutual concern will be addressed with respect to the economic ties between the regions with respect to the issues of counterterrorism the environment agriculture, and many other areas of mutual concern.
“President Bola Ahmed Tinubu is very keen on ensuring that Nigeria within the context of the continent is in a position to maximally leverage on opportunities that will be afforded by the implementation of the African continental Free Trade Agreement, where we will be having a single trade market of over one billion Africans.
“The expectation according to the United Nations Economic Commission for Africa is that by the year 2050, our market here on the continent would have surpassed $29 trillion.
“We believe that action toward that begins now. So the President is going to be very active and leading that effort from the forefront.”
The President’s spokesperson also disclosed that President Tinubu will participate in the Arab-African League summit, holding on November 11 in his capacity as the ECOWAS Chairman and as the Authority of heads of government advocating deepening partnership of the two regions with respect to the integration of Africa and infrastructure development.
He emphasised that this will be specifically in the establishment of a new high-speed train network that would link Arab nations from the Middle East and Northern Africa to the rest of the African continent.
“That is the Arab African summit holding on November 11. Where his excellency President Bola Tinubu in his capacity, not just as the President of the Federal Republic of Nigeria, but also as the ECOWAS chairman and the authority of heads of government, will be taking part in the summit ensuring that he is at the forefront of advocating for rallying a deepening partnership of the two regions, that is the League of Arab nations as well as the African Union with respect to how we can integrate in terms of our infrastructure.
“How we can facilitate the establishment of a new high-speed train network that would tie Arab nations from the Middle East and Northern Africa, to the rest of the African continent.
“Certainly, His Excellency, Mr. President is passionate about any area in which we can really leverage on the massive population and market that not just Africa presents but that Nigeria itself presents.
“We are expecting that the outcomes of this summit will lead to very tangible results with respect to increase in trade between not just the Kingdom of Saudi Arabia, but all Arab nations, and especially the leading economies in Africa, of which Nigeria is now number one.
“So we believe there is a lot to be gained from these two summits. Of course, as we are there, you can fully expect that you will be briefed on a routine basis with concrete details as to what the outcomes are from not just the Saudi African summit.
“But also the Arab African summit, but obviously with a particular emphasis on what the Federal Republic of Nigeria stands to gain under the leadership of His Excellency Bola Ahmed Tinubu.
“Mr. President, is going to be very aggressive as always in his promotion and pursuit of new foreign direct investment. It’s no secret what he is been doing around the world since he assumed office that will continue in Riyadh
“We will be meeting with investors across sectors, we will be pushing very proactively for new inflows of foreign exchange into the Nigerian economy through investments in really growth enabling and labor intensive sectors of the economy,” Ngelale said.