Saudi Investment to Create More Jobs in Nigeria, Says Finance Minister Wale Edun
Wale Edun, Nigeria’s Minister of Finance, has announced that more local jobs are expected in the coming year, thanks to Saudi Arabia’s increased investment in key sectors of the Nigerian economy. Edun made the statement after meeting with President Bola Tinubu in Ikoyi, Lagos, following a high-level delegation’s visit to Saudi Arabia to build on the president’s prior discussions with Saudi Crown Prince Mohammed bin Salman. The delegation’s efforts are part of a broader strategy to attract foreign direct investment (FDI) and foster trade partnerships, with a particular focus on securing financial collaborations that will benefit Nigeria.
One of the key outcomes of this diplomatic engagement is the Saudi Agricultural Livestock Investment Company’s (SALIC) acquisition of a 35.43 percent stake in Olam Agri Holdings for $1.24 billion. Edun emphasized that this transaction was a direct result of President Tinubu’s economic reforms and the stabilization of Nigeria’s macroeconomic environment. He stressed that such investments not only bring in foreign exchange but also create jobs for Nigerians, highlighting that Saudi Arabia’s focus on international investments is aimed at job creation within Nigeria, rather than exporting its labor force.
In addition to foreign investments, Edun reaffirmed the government’s commitment to addressing inflation, particularly food inflation. He noted that initiatives such as dry-season farming are being implemented to ensure a bountiful harvest and reduce food prices, thereby improving the cost of living for Nigerians. Edun underscored that the success of these efforts would be evident in the creation of jobs and an increase in Nigeria’s foreign reserves, providing tangible benefits for the average citizen.
Atiku Bagudu, the Minister of Budget and Economic Planning, also spoke after the meeting, reassuring Nigerians that the worst of the country’s economic challenges are behind them. He expressed optimism that the 2025 budget would bring noticeable improvements in living standards, with a focus on supporting small-scale farmers and traders, strengthening the economy, and reducing inflation. Bagudu also highlighted that the budget would prioritize enhanced security, human capital development, and infrastructure, which would collectively improve the quality of life for Nigerians. He also noted that Saudi Arabia’s growing confidence in Nigeria’s leadership, especially President Tinubu, would further stimulate investment and economic cooperation.
