The Federal Ministry of Finance has hinted that the government of Saudi Arabia is exploring the possibility of investing in Nigeria’s infrastructure sector.  

This followed a high-level Nigerian delegation’s visit to the oil-rich Gulf nation.

According to a statement by the spokesman of the ministry, Mohammed Manga, in Abuja, the delegation led by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun engaged key Saudi Ministers and institutions in bilateral talks during the visit.

Manga said the delegation held strategic talks with the Saudi Development Fund to explore potential areas of collaboration aimed at boosting infrastructure and economic development in Nigeria.

The delegation also met with the Saudi Agricultural and Livestock Investment Company (SALIC) to advance ongoing conversations about their investments in Nigeria. SALIC reaffirmed its commitment to exploring further opportunities, emphasizing responsible investment practices that prioritize food security, output growth, and job creation in Nigeria.

During the visit, the delegation also engaged in high-level discussions with Saudi EXIM Bank, focusing on developing export credit and insurance frameworks as well as in expanding market access between the two nations.

The bank expressed interest in deepening relationships with Nigerian institutions and participating in future transactions involving Saudi Government entities.

Other members of Nigeria’s delegation to Saudi Arabia included: Senator Abubakar Bagudu, Minister of Budget and National Planning; member of the Presidential Economic Coordination Council; Sanyade Okoli, Special Adviser to the President on Finance and the Economy; and Muhammad Sani Abdullahi, Deputy Governor (Economic Policy) of the Central Bank of Nigeria.