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Saudi Arabia Crown Prince Pledges Support for Nigeria’s Economic Reforms
Saudi Arabia’s Crown Prince Mohammed bin Salman has pledged support to Nigeria’s economic reform efforts during a meeting with President Bola Tinubu in Riyadh on Monday.
The meeting, held on the sidelines of the Arab-Islamic Summit, focused on enhancing cooperation between the two countries, particularly in areas such as oil and gas, agriculture, infrastructure, and the establishment of the Saudi-Nigeria Business Council.
A key topic discussed was Nigeria’s proposal for a $5 billion bilateral trade agreement with Saudi Arabia.
In 2022, the Saudi Agricultural and Livestock Investment Company (SALIC) made a significant move by investing $1.24 billion to acquire a 35.43% stake in Olam Agri, one of Nigeria’s top agricultural firms.
Talks are now underway to increase SALIC’s stake in the company, with the hope that this investment will help Olam become one of the world’s largest agro-allied businesses.
Crown Prince Mohammed praised President Tinubu’s economic reforms, noting that they mirrored his own steps to stabilize and develop Saudi Arabia when he first became Prime Minister.
He assured Nigeria of his continued support and vowed to motivate his team to push forward the various collaborative projects discussed.
Present at the meeting were several key 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, the Joint Arab-Islamic Summit, which took place in Riyadh on November 11, 2024, reinforced Nigeria’s commitment, along with other member states, to the Ministerial Committee tasked with engaging global leaders to bring an end to the ongoing conflicts in Gaza and Lebanon.
The committee, led by Saudi Arabia, also includes foreign ministers from Nigeria, Egypt, Qatar, Turkey, Indonesia, Palestine, and Jordan.
The summit’s final resolution called for intensifying efforts to end the violence in Gaza and Lebanon.
It emphasized the importance of international cooperation to support the Palestinian cause and protect the sovereignty of Palestine, particularly East Jerusalem, which was reaffirmed as the eternal capital of Palestine.
Leaders also condemned Israel’s military actions in Gaza, describing them as crimes against humanity, and expressed unwavering support for Lebanon’s stability and security.
Just a week after being sworn in as the 47th President of the United States, Donald Trump has stirred up speculation about a potential bid for a third term, despite constitutional limits.
During a meeting with House Republicans on Monday, Trump jokingly floated the idea, saying, “I’ve raised a lot of money for the next race that I assume I can’t use for myself, but I’m not 100 percent sure.
I think I’m not allowed to run again. Am I allowed to run again?” He then turned to House Speaker Mike Johnson, a former constitutional lawyer, adding, “Mike, I better not get you involved in that.”
Johnson, along with other lawmakers in attendance, responded with laughter, brushing off the remarks as Trump’s signature style of mixing humour with provocative statements.
On Monday, former US President Donald Trump revealed that Microsoft is in talks to acquire TikTok, as the app’s future in the United States remains uncertain.
TikTok has been under pressure due to a US law requiring the app to separate from its Chinese parent company, ByteDance, or face a potential ban in the country. Trump was asked by reporters if Microsoft was in negotiations to buy the popular app, to which he confirmed, saying, “I would say yes.”
He also noted that there is significant interest in TikTok, adding, “There’s great interest in TikTok.” Trump suggested that a bidding war for the app could also be a positive development.
On Monday, Nigeria’s Vice President, Kashim Shettima, reassured Nigerians that the administration of President Bola Tinubu is committed to addressing the challenges caused by its reform policies.
Speaking at the National Conference on Strengthening Democracy in Nigeria in Abuja, Shettima emphasized that tackling economic difficulties and reinforcing weak institutions across Africa is key to ensuring lasting democracy. He was represented at the event by Hakeem Baba-Ahmed, his Special Adviser on Political Issues.
“We are aware of the pain many Nigerians are feeling due to the policies we’ve implemented,” Shettima stated. “Our administration is working hard to correct the flaws in our economy and improve security for our citizens.”
He further reassured the public that the government is fully committed to navigating the challenges of transitioning from a difficult past to a brighter future.
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