Saudi Crown Prince Backs Nigeria's Economic Reforms

Saudi Arabia Pledges Support for Nigeria's Economic Transformation

“The leaders condemned recent Israeli military actions in northern Gaza, describing them as crimes of...”

Saudi Crown Prince Mohammed bin Salman praises Nigeria's economic reforms, assures President Bola Ahmed Tinubu of support.

Saudi Arabia's Crown Prince and Prime Minister, Mohammed bin Salman, has thrown his weight behind Nigeria's economic reforms, pledging his country's support for President Bola Tinubu's initiatives. This endorsement came during a meeting between the two leaders in Riyadh on Monday, November 11, held on the sidelines of the joint Arab-Islamic Summit.

The meeting's details were revealed by Presidential spokesperson Bayo Onanuga in a press statement on Tuesday, November 12. As Prime Minister, Mohammed bin Salman has been instrumental in shaping Saudi Arabia's economic vision, particularly through his "Saudi Vision 2030" program, which aims to reduce the country's reliance on oil ¹. His support for Nigeria's economic reforms is a significant boost to President Tinubu's efforts.

Mohammed bin Salman's leadership style has been described as nationalist and populist, with a focus on liberalizing the Saudi economy while maintaining a conservative attitude towards politics. His government has implemented various reforms, including curtailing the influence of the Wahhabi religious establishment and improving women's rights.

The Crown Prince's backing of Nigeria's economic reforms is likely to foster greater cooperation between the two nations. As Saudi Arabia continues to diversify its economy, partnerships with key African nations like Nigeria will play a crucial role in its growth strategy.

“The two leaders explored potential areas for cooperation, particularly oil and gas, agriculture, infrastructure and the constitution of the Saudi-Nigeria Business Council,” Onanuga revealed in the statement.

He continued, “Nigeria wants an agreement with the Saudi government over a proposed $5 billion bilateral trade facility between the two countries.

“The Saudi Agricultural and Livestock Investment Company, SALIC, invested $1.24 billion in 2022 to acquire a 35.43 percent stake in Olam Agri, one of Nigeria's leading agricultural firms.

“Talks are being held so that SALIC can have more stake in the company.

“The Saudis hoped the investment would make Olam one of the biggest agro-allied businesses in the world.”

Crown Prince Mohammed bin Salman of Saudi Arabia has praised President Bola Tinubu's economic reforms, noting similarities with his own efforts to boost Saudi Arabia's stability and development since becoming Prime Minister. He assured Nigeria of his ongoing support and vowed to motivate his team to implement partnership initiatives discussed during their meeting.

The meeting, held in Riyadh on the sidelines of the Saudi-Africa Summit, was also attended by prominent Saudi officials, including Prince Abdullah bin Bandar bin Abdulaziz, Minister of National Guard, and Prince Khalid bin Salman bin Abdulaziz, Minister of Defense. This gathering underscores the strengthening ties between Nigeria and Saudi Arabia.

Saudi Arabia has pledged to invest in Nigeria's refinery revitalization and provide financial support for the Central Bank's foreign exchange reforms. These commitments demonstrate the Crown Prince's dedication to fostering cooperation between the two nations.

Takeaways:

Crown Prince's Endorsement: Mohammed bin Salman praises President Tinubu's economic reforms, drawing parallels with Saudi Arabia's own development efforts.

Partnership Initiatives: Saudi Arabia commits to supporting Nigeria's economic reform programs and implementing joint partnership initiatives.

Investments and Reforms: Saudi Arabia to invest in Nigeria's refineries and support Central Bank's foreign exchange reforms.

Bilateral Cooperation: Meeting attended by top Saudi officials, highlighting growing Nigeria-Saudi Arabia ties.

President Bola Tinubu met with key Saudi officials, including Prince Abdullah bin Bandar bin Abdulaziz, Minister of National Guard, and Prince Khalid bin Salman bin Abdulaziz, Minister of Defense, in Riyadh on Monday. This meeting was held alongside the Joint Arab-Islamic Summit, where Nigeria's role in the Ministerial Committee was reaffirmed. The committee aims to engage global leaders to resolve conflicts in Gaza and Lebanon.

The Joint Arab-Islamic Summit called for an end to the Israeli siege on Gaza, urging immediate entry of humanitarian aid convoys. The summit also mandated foreign ministers from participating countries, including Nigeria, Egypt, Qatar, Turkey, Palestine, Indonesia, and Jordan, to start immediate diplomatic efforts.

As a member of the Organisation of Islamic Cooperation (OIC) and the League of Arab States, Nigeria plays a vital role in promoting peace and stability in the region. The Joint Arab-Islamic Ministerial Committee, established in November 2023, brings together foreign ministers from key nations to address pressing issues.

Outcomes of the Joint Arab-Islamic Summit:

Reaffirmation of Nigeria's Role: Nigeria's participation in the Ministerial Committee was reaffirmed.

Humanitarian Aid: Immediate entry of Arab, Islamic, and international humanitarian aid convoys to Gaza.

Diplomatic Efforts: Foreign ministers mandated to start immediate diplomatic engagements.

Participating Countries: Nigeria, Egypt, Qatar, Turkey, Palestine, Indonesia, and Jordan.

“In its final resolution, the summit urged the Ministerial Committee to intensify its efforts and expand them to include working on ending the aggression on Lebanon,” the statement added.

“The Committee has also been tasked with further engaging actors across the Global South in the efforts to strengthen international support towards ending the war and Israeli occupation.

“The resolution stressed the importance of protecting sea lanes by rules of international law and welcomed the signing of the tripartite mechanism by the League of Arab States, OIC, and the African Union to support the Palestinian cause.

“The summit praised the African Union's steadfast support of Palestine.

“The leaders condemned recent Israeli military actions in northern Gaza, describing them as crimes of genocide, including allegations of torture, executions, disappearances, and C cleansing.”

Leaders from the Joint Arab-Islamic Summit have strongly condemned Israel's ongoing attempts to strengthen its presence in occupied East Jerusalem, reaffirming the city as the eternal capital of Palestine. They emphasized the need for a unified Palestinian state, encompassing the West Bank, Gaza Strip, and East Jerusalem, with Palestine having full sovereignty over occupied East Jerusalem.

The resolution rejected any Israeli actions aimed at altering the city's identity or reinforcing its occupation. This stance underscores the importance of preserving the cultural and historical heritage of East Jerusalem, which is deeply significant to the Palestinian people.

Resolutions from the Summit:

Rejection of Israeli Occupation: Leaders condemned Israel's ongoing attempts to strengthen its presence in occupied East Jerusalem.

Unified Palestinian State: The West Bank, Gaza Strip, and East Jerusalem should be unified under a single, independent Palestinian state.

Palestinian Sovereignty: Palestine should have full sovereignty over occupied East Jerusalem.

Preservation of City Identity: Any Israeli actions seeking to change the city's identity or reinforce its occupation were rejected.

Additionally, the summit expressed unwavering support for Lebanon's security, stability, and sovereignty, highlighting the imperative of ensuring citizen safety. This is particularly crucial given the current volatile security situation in Lebanon, with risks associated with the ongoing conflict between Israel, Lebanese Hizballah, and other non-state actors.