FG looks to Saudi Arabia on infrastructure development

The Federal Government (FG) has opened talks with the Saudi Fund for Development (SFD) on the latter’s investment in Nigeria’s infrastructure development.

The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has hosted a high-level delegation from the Fund, led by its CEO, Mr. Sultan Al-Marshad, in Abuja, yesterday.

According to the Ministry’s Director of Information and Public Relations, Mr. Mohammed Manga, the discussions focused on key areas of economic collaboration, including industrial development, renewable energy, and infrastructure investments.

“We have laid a strong foundation for collaboration, and over the next six months, we expect to make significant progress on our first joint infrastructure project,” Mr. Edun was quoted as saying.

He praised Saudi Arabia’s impressive economic achievements under its Vision 2030 initiative, particularly in the tourism and infrastructure sectors.

The minister also reaffirmed Nigeria’s commitment to similar ambitious reforms under the leadership of President Bola Ahmed Tinubu, aimed at creating a stable investment climate conducive to both domestic and foreign investments.

He stated that the visit marked an important milestone in efforts to foster sustainable development between the two nations.

In his remarks, Al-Marshad reiterated Saudi Arabia’s dedication to fostering economic collaboration, confirming that the SFD is prepared to finance major infrastructure projects in Nigeria.

He also proposed the appointment of a designated Nigerian counterpart to streamline project prioritization and communication for efficient execution.