During the Joint Arab-Islamic Summit in Riyadh, Saudi Arabia, Crown Prince Mohammed bin Salman of Saudi Arabia assured Nigerian President Bola Tinubu of his country’s full support for Nigeria’s ongoing economic reforms. This pledge came during a bilateral meeting held on the sidelines of the summit, where the two leaders discussed various areas for mutual cooperation, particularly in oil and gas, agriculture, infrastructure, and trade.

Crown Prince Salman expressed admiration for Tinubu’s economic strategy, which he noted mirrored his own efforts to bolster Saudi Arabia’s stability and growth upon taking office as Prime Minister. He further emphasized that Saudi Arabia would rally its team to help realize the potential partnerships explored in their discussions, including a proposed $5 billion bilateral trade facility between the two nations.

One key area of focus during the meeting was the Saudi Agricultural and Livestock Investment Company’s (SALIC) involvement in Nigeria’s agriculture sector. The Saudi investment group had previously acquired a 35.43% stake in Olam Agri, a leading agricultural company in Nigeria, with a $1.24 billion investment in 2022. Ongoing talks suggest that SALIC could further increase its stake in the company, positioning Olam as one of the world’s leading agro-allied businesses.

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The Saudi delegation also included high-ranking officials such as the Minister of National Guard, Prince Abdullah bin Bandar, and the Minister of Defence, Prince Khalid bin Salman, who participated in the discussions that underscore the strengthening ties between Saudi Arabia and Nigeria.

In addition to these economic discussions, the summit also addressed critical regional issues. The Joint Arab-Islamic Ministerial Committee, which includes Nigeria among other member states, was given a renewed mandate to continue its efforts in mediating peace in the ongoing Gaza and Lebanon conflicts. The summit participants, including Tinubu, voiced strong support for Lebanon’s sovereignty, while urging further actions to end aggression in Lebanon and Gaza.

Tinubu’s participation in the summit, held on November 11, aligns with Nigeria’s broader role in fostering peace and stability in the Middle East and North Africa. He returned to Abuja the following day, where he was welcomed by key government officials including Chief of Staff Femi Gbajabiamila and Finance Minister Wale Edun.