The Nigerian government is poised for significant economic gains in the coming year, following a strategic investment by Saudi Arabia’s SALIC International Investment Company. This investment is set to generate more local jobs and boost the country’s economy, according to Nigeria’s Finance Minister, Wale Edun.
On Sunday, December 30, 2024, Edun confirmed that Saudi Arabia’s SALIC had acquired a 35.43% stake in Olam Agri Holdings for $1.24 billion. This deal, finalized on December 23, values the agricultural company at $3.5 billion, with Olam Group retaining a majority stake of 64.57%. Edun, who met with President Bola Tinubu in Lagos, emphasized that the deal was part of a broader effort to strengthen economic ties with Saudi Arabia.
Edun, accompanied by Minister of Budget and Economic Planning Atiku Bagudu, led a Nigerian delegation to Saudi Arabia, where they followed up on previous investment pledges made by Saudi businesses. The $1.2 billion investment from the Saudi Agricultural Livestock Investment Company is expected to significantly impact Nigeria’s economy by increasing foreign exchange inflows, creating jobs, and boosting industrial growth.
“This investment brings jobs for Nigerians, as Saudi Arabia typically does not export labor but focuses on creating local employment opportunities through such investments,” Edun explained. He attributed this progress to President Tinubu’s efforts to stabilize Nigeria’s macroeconomic environment, which have helped attract substantial foreign investment.
Minister Bagudu also highlighted the role of Nigeria’s strong diplomatic relations with Saudi Arabia. He pointed out that the respect shown to President Tinubu by Saudi leaders, including Crown Prince Muhammadu Bin Salman, has played a critical role in deepening these economic partnerships. Bagudu noted that the relationship between the two countries continues to evolve, with Saudi ministers expressing appreciation for the reforms taking place in Nigeria.
Looking ahead, the Nigerian government projects a brighter economic future in 2025, with expectations for lower inflation, increased employment opportunities, and enhanced support for businesses. Bagudu outlined plans for improved infrastructure, security, and human capital development, with a focus on education and healthcare.
With the Saudi investment in Olam Agri Holdings and continued efforts from the Nigerian government, the country is set to experience significant growth, bettering the lives of its citizens in the year to come.
