Wednesday, November 29, 2023

Tinubu to woo Arab nations on trade investment



In a bid to boost the economic base of the country, President Bola Tinubu on Sunday announced fresh moves to woo the Kingdom of Saudi Arabia and other Arab nations to invest in Nigeria in order to attract Foreign Direct Investment, FDI.

Consequently,, President Tinubu is expected to travel this week to attend two major summits in Saudi Arabia.

The disclosure was made by the Special Adviser to the President on Media and Publicity, Chief Ajuri Ngelale while briefing State House correspondents on Sunday at the Presidential Villa, Abuja.

The presidential spokesman said that the President will be heading to Riyadh, the Kingdom of Saudi Arabia, this week to attend the Saudi-Africa summit and the Arab African summit.

Both events are scheduled to hold on the 10th and 11th November, 2023 respectively.

He said that the President while in Saudi Arabia, would discuss several issues of mutual concern with respect to economic ties between the regions and with respect to the issues of counter terrorism, the environment and agriculture.

Ngelale explained that other areas for discussion will be in terms of accelerating the level of trade and investment between the Kingdom of Saudi Arabia and the African continent.

According to him, “Obviously, President Tinubu, is very keen on ensuring that the Federal Republic of Nigeria within the context of the continent is in a position to maximally leverage on opportunities that will be afforded by the implementation of the African continental Free Trade Agreement, where we will be having a single trade market of over 1 billion Africans.

“The expectation according to the United Nations Economic Commission for Africa is that by the year 2050, our market here on the continent would have surpassed $29 trillion.”

Ngelale further explained that at the Arab African summit holding on November 11, President Tinubu in his capacity, as the chairman of the Authority of Heads of Government of ECOWAS will be taking part in the summit ensuring that he is at the forefront of advocating for deepening partnership of the two regions that is the League of Arab nations as well as the African Union with respect to integration in terms of infrastructure, facilitation and the establishment of a new high speed train network that would tie Arab nations from the Middle East and Northern Africa, to the rest of the African continent.