Tinubu assures Saudi Arabian business owners on safety of investments in Nigeria

President Bola Tinubu on Friday assured potential Saudi Arabian investors of the safety of their businesses in Nigeria.

The president, who gave the assurance at the first Saudi-Africa Summit in Riyadh, said that Nigeria was ready for business and assured investors of getting the highest returns on investments in the country.

He said: “I also wish to assure all potential Saudi investors of the safety of their investments based on the sanctity of the rule of law and good returns on their investments in the largest economy in Africa.

“In this regard, the benefit attached to the early inauguration of the Nigeria-Saudi Business Council cannot be over-emphasized.”

The president also asked for more collaboration with Saudi Arabia in the fight against Boko Haram, Islamic State for West African Province (ISWAP), and other violent extremist groups terrorising the Lake Chad and Sahel regions of Africa.

Tinubu also spoke on the long-standing mutual relationship between Nigeria and Saudi Arabia.

He added: “Nigeria and Saudi Arabia have always enjoyed a special relationship at both the bilateral and multilateral levels.

“Within the past six decades, our bilateral cooperation, which was initially hajj-centric, has witnessed diversification to cover a number of areas of common interest.

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”It is delightful to note the presence in this great Kingdom of a large number of our compatriots and professionals, including highly-skilled medical practitioners and professional football players.”

The president recalled that Nigeria and Saudi Arabia have been interacting as members of the United Nations, Organisation of Petroleum Exporting Countries (OPEC), the International Energy Forum, G77, the Islamic Development Bank, and the Digital Cooperation Organisation among others.

“Our two nations have effectively used these and other platforms to enhance close interaction and coordination.

“I am confident that our joint positive disposition within these platforms will continue to be demonstrated as we seek to advance our mutual interests.

“Nigeria, like the Kingdom, is diversifying her economy away from oil dependence to promote sustainable development.

“My administration has undertaken bold economic reforms by removing wasteful subsidies on petroleum and the merging of our foreign exchange market, among other incentives aimed at improving the ease of doing business in Nigeria,” he concluded.

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