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  • Updated: May 10, 2024

Saudi Arabia to invest in Nigeria's agriculture sector for regional export

Saudi Arabia to invest in Nigeria's agriculture sector for r

The Kingdom of Saudi Arabia has announced plans to capitalize on Nigeria's vast agricultural sector by making significant investments aimed at exporting food from Nigeria to neighbouring countries, as well as targeting the Nigerian market itself.

During a visit to the Nigerian Minister of Agriculture and Food Security, Senator Abubakar Kyari, the Minister of Environment, Water, and Agriculture of Saudi Arabia, Engr Abdulrahman Abdulmoshen, revealed this initiative.

Abdulmoshen emphasized Nigeria's comparative advantages and the importance of investing wisely in the agriculture and food sector to meet local demand and potentially export to nearby nations.

He highlighted the challenge of achieving self-sufficiency in food production at a lower cost compared to imports, stressing the need for efficient local production to avoid reliance on imports in the future.

Abdulmoshen also mentioned that the Saudi Arabian private sector will explore opportunities within the Nigerian private sector, indicating that incentives would be necessary for Saudi businesses to establish themselves in Nigeria. The Saudi government plans to provide legal and financial incentives to encourage Saudi businesses to invest and operate in Nigeria.

“And I do also believe that certain incentives are expected from the government. Including, I think, allocating land in a long-term sort of lease or right to use. We will be happy enough to enter into a negotiation, I'm saying this on behalf of the Saudi private sector, which will lead to a win-win, a sustainable investment”, he added.

In his remarks, the Minister of Agriculture and Food security, Senator Kyari reiterated the commitment of the Nigeria government to expand the investment space in the Nigerian Economy, particularly in Agriculture.

The Minister the government is amassing greater confidence across the globe with renewed assurances of making Nigeria more investment friendly with an unrelenting emphasis on ease of doing business thereby opening wide the door for mutual benefits for well-meaning investors including from the Kingdom of Saudi Arabia.

“We are desirous of a share in the Agri-Market of the Kingdom of the Saudi Arabia, the leading economy in the Middle East, to surpass the current volume of Agri-trade as provided by available figures, in areas of crops such as Sesame, Cashew, Ginger, Soyabean, Wheat, Maize, Palm Oil, Animal Feed among others”, the Minister stated.

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