President Bola Tinubu has assured potential investors that
their investments are safe in Nigeria.
Speaking at the Saudi-Africa summit in Riyadh, Saudi Arabia,
on Friday, Tinubu said Nigeria is ready for business.
He assured investors of some of the world’s highest returns
on investment.
“Nigeria and Saudi Arabia have always enjoyed a special
relationship at both the bilateral and multilateral levels,” he said.
“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 Organisation of Petroleum Exporting Countries, the International
Energy Forum, the G77, the Islamic Development Bank, the Digital Cooperation
Organisation among others, our two nations have effectively used these and
other platforms to enhance close interaction and coordination.”
Furthermore, Tinubu expressed confidence that both nations’ joint positive disposition within these platforms will continue to be demonstrated “as we seek to advance our mutual interests”.
“Nigeria, like the Kingdom, is diversifying her economy away
from oil dependence to promote sustainable development,” he said.
“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.
“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, Tinubu said the benefit attached to the
early inauguration of the Nigeria-Saudi business council can not be
overemphasised.
Speaking on climate change and how it affects Africa, Tinubu
said climate change has led to an expedited rate of desertification and
incessant flooding in Nigeria and many other African countries.
He commended the efforts of the Kingdom for its various
initiatives to fight the effects of climate change, adding that Nigeria is also
working on a number of initiatives to fight the effects of climate change and
energy poverty.
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