Kehinde Fajobi
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has highlighted the positive impact of President Bola Tinubu’s global economic diplomacy, citing significant foreign investments and job opportunities for Nigerians.
Speaking to State House correspondents in Lagos on Sunday after a meeting with the president, Edun said Tinubu’s outreach to countries including Brazil, China, India, Germany, France, and Saudi Arabia has begun yielding results.
Edun led a delegation to Riyadh to strengthen ties between Nigeria and Saudi Arabia, following Tinubu’s meetings with Crown Prince Mohammed bin Salman.
The delegation included Minister of Budget and National Planning Abubakar Bagudu, Wale Tinubu of the Presidential Economic Coordination Council, and other officials.
Discussions with Saudi entities such as the Saudi EXIM Bank and the Saudi Agricultural and Livestock Investment Company (SALIC) aimed to boost investments in Nigeria.
“Twice in the last year, Mr President has been in Saudi Arabia, had meetings with the Crown Prince, and talked about trade, economic cooperation, financial cooperation, and collaboration.
“We followed up on some of those leads across various opportunities for foreign direct investment, trade partnerships, and financial investment,” Edun said.
He revealed that SALIC recently increased its investment in Olam by $1.2 billion. “Where they invest, that is jobs for Nigerians. That’s the simplest way I would put it,” he added.
Bagudu praised Tinubu’s reforms, likening them to those implemented by Crown Prince Salman in Saudi Arabia, which transformed the kingdom’s economy.
“The Saudis see in President Tinubu someone who is changing his country, just as they did. They want to stand by this leader because he has taken unusual risks and demonstrated courage,” Bagudu said.
He expressed optimism for 2025, predicting lower inflation, more jobs, enhanced infrastructure, and better funding for security, education, and healthcare.
“I think we have made the tough choices. What we expect to see in 2025 is a better economy and improved quality of life for Nigerians,” Bagudu concluded.