Saudi Arabia’s Crown Prince and Prime Minister, Mohammed bin Salman bin Abdulaziz Al Saud, has pledged support for Nigeria’s economic reform programs.
This assurance was given during a meeting with President Bola Ahmed Tinubu on Monday in Riyadh, held on the sidelines of the Joint Arab-Islamic Summit.
During their discussion, the leaders explored potential areas of cooperation, with a focus on oil and gas, agriculture, infrastructure, and establishing the Saudi-Nigeria Business Council. Nigeria is seeking an agreement with Saudi Arabia for a proposed $5 billion bilateral trade facility between the two nations.
The Saudi Agricultural and Livestock Investment Company previously invested $1.24 billion in 2022 to acquire a 35.43% stake in Olam Agri, a prominent agricultural company in Nigeria.
Talks are underway to increase SALIC’s stake, as Saudi Arabia envisions Olam becoming one of the world’s leading agro-allied businesses.
The Crown Prince praised President Tinubu’s economic reform agenda, comparing it to his own initiatives aimed at advancing Saudi Arabia’s stability and development. He reassured Tinubu of his commitment to the partnership, stating he would motivate his team to realize the various cooperative opportunities discussed.
Also in attendance at the meeting with the Crown Prince were senior Saudi officials, including the Minister of National Guard, Prince Abdullah bin Bandar bin Abdulaziz, and the Minister of Defense, Prince Khalid bin Salman bin Abdulaziz.
Meanwhile, at the Joint Arab-Islamic Summit in Riyadh on November 11, 2024, Nigeria and other member states received a renewed mandate to continue their roles on the Ministerial Committee dedicated to ending the ongoing conflicts in Gaza and Lebanon. President Tinubu, along with leaders from the Organisation of Islamic Cooperation and the League of Arab States, attended the summit.
The Joint Arab-Islamic Ministerial Committee, led by Saudi Arabia, was first established during the initial Joint Arab-Islamic Summit on November 11, 2023. It includes the foreign ministers of Nigeria, Egypt, Qatar, Turkey, Indonesia, Palestine, and Jordan. In its latest resolution, the summit directed the committee to “intensify its efforts and expand them to include working on ending the aggression on Lebanon.”
The committee will provide periodic updates, which the OIC and Arab League secretariats will distribute to member states.
The committee’s expanded mandate includes engaging the Global South to rally broader international support for ending the ongoing conflicts and the Israeli occupation.
The summit resolution highlighted the importance of securing maritime routes in accordance with international law and welcomed a new tripartite mechanism established by the League of Arab States, the OIC, and the African Union to support the Palestinian cause.
Additionally, the summit commended the African Union’s commitment to Palestine and condemned Israel’s recent military actions in northern Gaza as “crimes of genocide,” including alleged acts of torture, executions, forced disappearances, and “ethnic cleansing.” The summit denounced Israeli efforts to strengthen its hold on East Jerusalem, reaffirming it as the “eternal capital of Palestine” and calling for the unification of the West Bank, Gaza Strip, and East Jerusalem under a sovereign Palestinian state.
The resolution reiterated “the full sovereignty of the State of Palestine over occupied East [Jerusalem], the eternal capital of Palestine” and rejected any Israeli measures intended to alter the city’s identity or deepen its occupation.
Additionally, the summit expressed strong support for Lebanon’s security, stability, sovereignty, and the safety of its citizens.
