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How Saudi Arabia’s $1.2bn Investment will Boost Job Creation in Nigeria – FG

Published by admin on December 30th, 2024.

How Saudi Arabia’s $1.2bn Investment will Boost Job Creation in Nigeria – FG

The Nigerian government has welcomed Saudi Arabia’s $1.2 billion investment aimed at creating more jobs and boosting the economy. This follows the acquisition of a 35.43% stake in Olam Agri Holdings by Saudi Arabia’s SALIC International Investment Company for $1.24 billion.

Finance Minister Wale Edun revealed that this deal, closed on December 23, 2024, values Olam Agri Holdings at $3.5 billion. The Nigerian government anticipates this investment will stimulate job growth, increase foreign exchange inflows, and contribute to economic stability.

Edun shared that the investment would not only bring in vital foreign currency but also create jobs for Nigerians. He emphasized that Saudi Arabia’s investment strategy is focused on fostering employment opportunities in Nigeria, as the kingdom is committed to investing abroad rather than exporting labor.

The investment is part of ongoing efforts to attract foreign capital, driven by President Bola Tinubu’s macroeconomic reforms, which have created a more stable environment for foreign investments.

The delegation, led by Edun and Minister of Budget and Economic Planning Atiku Bagudu, visited Saudi Arabia to follow up on the progress of previous investment pledges made by Saudi businesses to Nigeria. They noted that the relationship between President Tinubu and Saudi Crown Prince Mohammad Bin Salman played a pivotal role in facilitating this investment.

Bagudu also spoke about Nigeria’s positive outlook for 2025, highlighting expectations for lower inflation, more jobs, and enhanced support for businesses. The Nigerian government aims to improve infrastructure, security, and human capital, further enhancing the quality of life for citizens in the coming year.