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  • Updated: November 05, 2023

Saudi-Africa Summit: Tinubu To Woo Investors — Presidency

Saudi-Africa Summit: Tinubu To Woo Investors — Presidency

According to Ajuri Ngelale, President Bola Tinubu on Sunday announced fresh moves to engage nations in the Arab world to attract businesses and additional Foreign Direct Investment (FDI) when he attends two major summits in the coming days. 

Ngelale, the President's Special Advisor on Media and Publicity, briefed State House Correspondents on the President's upcoming trip to Riyadh, the Kingdom of Saudi Arabia, to attend the Saudi-Africa and Arab African summits.

The dates of both events are set for November 10, 2023, and November 11, 2023, respectively.

Per the statement from the presidential spokesman, Tinubu, during his visit to Saudi Arabia, will talk about a number of issues that are of common concern to both countries regarding their economic ties, counterterrorism, the environment, and agriculture.

Ngelale stated that increasing trade and investment between the Kingdom of Saudi Arabia and the continent of Africa will be among the other topics of discussion.

"Obviously, President Tinubu, is very keen on ensuring that the Federal Republic of Nigeria within the context of the continent is in a position to maximally leverage on opportunities that will be afforded by the implementation of the African Continental Free Trade Agreement, where we will be having a single trade market of over 1 billion Africans.

“The expectation according to the United Nations Economic Commission for Africa is that by the year 2050, our market here on the continent would have surpassed $29 trillion."

Ngelale continued, saying that Tinubu would be pushing for a stronger partnership between the two regions in his capacity as the Chairman of the ECOWAS Authority of Heads of Government.

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