Wale Edun, minister of finance and coordinating minister for
the economy, says that Nigeria is the right place for Arab investments due to
the resources the country possesses.
Edun, who spoke on the sidelines of the Saudi Arab-African
economic conference in Riyadh on Friday, said Nigeria has the natural resources
and infrastructure that can be invested in.
According to a post by the finance ministry on its X,
formerly Twitter, account, he said the Arab nations are looking to diversify
their investments to expand their sources of income in case oil revenue
dwindles.
The minister also said there is a tremendous market
opportunity for both Africa and the Arab nations due to their share of the
global population.
“Between Arab world and Africa, is about 18 percent of world
population. 1.5 billion people. If they come together and cooperate,
definitely, that kind of market has tremendous opportunity,” Edun said.
“Not least of all, the Arab world is blessed with riches,
and they are looking to invest — looking for long-term investment opportunities
that will help them to keep earning and keep having funding, even when oil
revenues dwindle.
“And on that basis, Africa, and Nigeria in particular, is a
veritable home for such investment funds. We have the natural resources that
can be invested in, we have the solid minerals, we have infrastructure
opportunities, as well of course, as manufacturing and processing.”
Edun said these are areas that are of interest to the Arab
world; so the Nigerian government is at the summit to tell them that Nigeria,
under President Bola Tinubu, is open for business.
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