The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has affirmed that President Bola Tinubu’s global economic diplomacy is producing the desired results. Speaking to journalists in Lagos after a meeting with the president, Edun highlighted the significant strides made through the president’s diplomatic engagements, which have spanned continents.
President Tinubu’s economic diplomacy has involved key visits to Brazil, China, India, Germany, France, and other nations, fostering stronger economic ties and exploring new investment opportunities for Nigeria. Edun also detailed a recent delegation he led to Riyadh, Saudi Arabia, aimed at advancing the bilateral relationship between Nigeria and the Kingdom of Saudi Arabia. The delegation included prominent figures such as Minister of Budget and National Planning Abubakar Bagudu, and a member of the Presidential Economic Coordination Council Wale Tinubu.
In Saudi Arabia, the delegation held talks with several key institutions, including the Saudi EXIM Bank, Saudi Development Fund, and Saudi Agricultural and Livestock Investment Company (SALIC). These discussions focused on ongoing investment partnerships and new opportunities in Nigeria, particularly in the areas of trade, foreign direct investment, and financial collaboration.
Edun emphasized the positive outcome of these engagements, noting that SALIC had increased its investment in Olam by $1.2 billion in December 2023. He attributed such investments to the steps President Tinubu has taken to stabilize Nigeria’s macroeconomic environment, which, in turn, encourages foreign investors.
“The Olam transaction was a long time in the making, first discussed at a Business Council Meeting in Saudi Arabia last year. It materialized this year,” Edun said. He further emphasized that these investments would not only bring in foreign capital but also create jobs for Nigerians, given the demographic trends in Saudi Arabia.
Bagudu, who was part of the delegation, further noted the Saudis’ admiration for President Tinubu, particularly for his bold economic reforms, which parallel the transformation seen in Saudi Arabia under Crown Prince Mohammed bin Salman. He compared Tinubu’s leadership to that of the Crown Prince, who introduced sweeping reforms, including the removal of oil subsidies and the introduction of VAT, which have significantly boosted Saudi Arabia’s economy.
“Tinubu is facing an even greater challenge, but he is willing to take on difficult reforms, and the Saudis see and appreciate that. They celebrate his courage and capacity,” Bagudu stated, expressing confidence that the relationship with Saudi Arabia would continue to grow, benefiting Nigeria’s reserves and economic ties with the Kingdom.
Looking ahead, Bagudu is optimistic about Nigeria’s economic future, particularly in 2025. “We’ve made the tough choices, and we’ve seen the worst,” he said. “What we expect in 2025 is a better economy, lower inflation, more employment opportunities, more support for businesses, and improved infrastructure. We’ll also see better funding for security, human capital development, education, and healthcare.”
Both ministers expressed confidence that Nigeria’s economic outlook is improving, thanks to the president’s strategic diplomatic efforts and the country’s commitment to reforms aimed at fostering long-term economic growth.
