Saudi crown prince commends Tinubu over economic reforms

The crown prince and Prime Minister of Saudi Arabia, Mohammed bin Salman, has commended President Bola Tinubu over his economic reforms.

Presidential spokesman, Bayo Onanuga, disclosed this in a statement at the sidelines of the Joint Arab-Islamic Summit in Riyadh, the capital of Saudi Arabia.

He said Tinubu and Salman explored areas for cooperation, particularly oil and gas, agriculture, infrastructure and the constitution of the Saudi-Nigeria business council.

“The Crown Prince commended President Tinubu’s economic reforms, noting similarities to his steps to strengthen Saudi Arabia’s stability and development when he became Prime Minister,” the statement read.

“He also assured Nigeria of his support and promised to motivate his team to realise the various areas of partnerships discussed at the meeting.”

According to Onanuga, Nigeria is seeking an agreement with the Saudi government over a proposed $5 billion bilateral trade facility between the two countries.

“The Saudi Agricultural and Livestock Investment Company (SALIC) invested $1.24 billion in 2022 to acquire a 35.43% stake in Olam Agri, one of Nigeria’s leading agricultural firms,” the statement reads.

“Talks are being held so that SALIC can have more stake in the company. The Saudis hoped the investment would make Olam one of the biggest agro-allied businesses in the world,” he stated.