Minister of Finance and the Coordinating Minister of the Economy, Olawale Edun and Atiku Bagudu, Budget and National Planning Minister – yesterday took turns to brief President Bola Tinubu on their mission to Saudi Arabia.
They informed the President that the Federal Government’s ongoing economic diplomacy in Saudi Arabia has started yielding tangible benefits, including investments, foreign exchange inflows and job creation. The duo, who, in the company of others, recently returned from a follow-up mission to the Arab country, had an audience with the President during a visit to him at his Oyinkan Abayomi Drive, Ikoyi-Lagos home.
The follow-up trip came after Tinubu’s earlier engagements with Saudi Crown Prince Mohammed bin Salman. Edun, who led the high-level delegation, said: “What we have brought back is investment. What we have brought back is foreign exchange. What we have brought back are jobs for Nigerians.” These efforts, he explained, were a part of the Tinubu administration’s broader strategy to attract foreign direct investment, trade partnerships, and financial collaborations. Highlighting a key achievement, Edun referenced the Saudi Agricultural Livestock Investment Company (SALIC)’s recent $1.2 billion investment in Olam Agri.
He described the investment as a testament to the President’s reforms and the stabilization of Nigeria’s macro-economic environment. Edun emphasized that these investments translated into direct job creation as Saudi’s focus on investing abroad does not include exporting its labour force.
The minister also stressed the government’s ongoing efforts to reduce inflation, particularly food inflation, through initiatives like dry-season farming. Bagudu assured Nigerians that the worst of Nigeria’s economic challenges have been put behind them. He noted that the N47.97 trillion 2025 Appropriation Bill promises to deliver tangible improvements in living conditions.
On the priorities of the Appropriation Bill awaiting the National Assembly’s scrutiny and passage, the minister urged Nigerians, including small-scale traders and farmers, to expect a better economy, reduced inflation, increased employment opportunities and enhanced support for businesses. “The budget also focuses on infrastructure development, human capital investment, and improved security.
The quality of life will get better,” Bagudu said. The minister also spoke about Nigeria’s growing relationship with Saudi Arabia, describing it as a reflection of President Tinubu’s respected standing on the global stage. He recounted the visit of the Nigerian delegation to Saudi Arabia, during which significant progress was made in strengthening bilateral ties. He drew parallels between Tinubu’s reform measures, such as subsidy removal and the transformative actions of Saudi Arabia’s leadership. Bagudu argued that these reforms require political courage and have laid the foundation for long-term economic prosperity.
He said: “The Saudis appreciate that our President has taken unusual risks, and they celebrate his courage and capacity. For me, that is the number one achievement for our country.” Bagudu expressed optimism that the deepening ties with Saudi Arabia would lead to increased investment, bolstering Nigeria’s foreign reserves and strengthening economic cooperation.
