Your investments are safe in Nigeria, Tinubu assures Saudi investors

Visiting President Bola Tinubu has given a cast-iron assurance to potential investors from Saudi Arabia that their investments are safe in Nigeria.

Speaking at the Saudi-African Summit in Riyadh, Saudi Arabia, on Friday, President Tinubu said his administration has initiated and implemented some economic reforms on improving the ease of doing business in the country.

Persecond News reports that the Tinubu administration economic reforms is aimed at regulating an enabling environment for business and foreign direct investment to thrive and stronger protections of property rights by governments, among other key variables.

In a statement by the Presidential spokesman, Chief Ajuri Ngelale, the president said just like the Kingdom of Saudi Arabia, Nigeria is diversifying its economy away from oil dependence.

He said: “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. 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.

“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.

“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, 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.”

Tinubu thanked the Saudi Kingdom for the various humanitarian interventions in Nigeria through the King Salman Humanitarian Aid and Relief Centre, and also assured the Kingdom of Nigeria’s support for its bid to host the 2034 FIFA Men’s World Cup.

“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.