Nigeria Courts Saudi Investment for Major Infrastructure Boost

The Federal Government has initiated talks with the Saudi Fund for Development (SFD) to secure investments aimed at transforming Nigeria’s infrastructure landscape.

During a high-level meeting in Abuja, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, welcomed a delegation led by SFD CEO Sultan Al-Marshad to discuss economic collaboration in key sectors, including industrial development, renewable energy, and large-scale infrastructure projects.

Edun highlighted the impressive strides Saudi Arabia has made under its Vision 2030 initiative, particularly in tourism and infrastructure, and reaffirmed Nigeria’s commitment to similar reforms under President Bola Ahmed Tinubu.

“We’ve laid a strong foundation for collaboration, and within six months, we expect to see significant progress on our first joint infrastructure project,” Edun stated.

Al-Marshad echoed Saudi Arabia’s commitment to fostering economic ties with Nigeria and confirmed the SFD’s readiness to finance major projects. He also suggested appointing a designated Nigerian representative to streamline communication and ensure efficient execution.

The discussions mark a significant step in strengthening bilateral relations and attracting foreign investment to accelerate Nigeria’s economic development.