The Central Bank of Nigeria (CBN) reiterates its dedication to enhancing economic ties with Saudi Arabia, seeking to create new avenues for investment and trade.
This is highlighted by CBN Governor Olayemi Cardoso at a meeting at the bank’s headquarters with Saudi Ambassador to Nigeria Faisal bin Ibrahim Alghamdi and his delegation.
Cardoso highlights the importance of collaborating across key sectors that drive economic growth, assuring that the CBN remains focused on fostering initiatives that benefit both nations.
“The Central Bank of Nigeria is committed to advancing partnerships that will deepen economic ties with Saudi Arabia. We will continue to explore opportunities that enhance mutual prosperity,” he states.
He also appreciates Saudi Arabia’s hospitality during the AIUla event, hosted by the Saudi Ministry of Finance in partnership with the International Monetary Fund (IMF) Regional Office in Riyadh.
Ambassador Alghamdi reiterates Saudi Arabia’s interest in strengthening economic cooperation with Nigeria, emphasizing the Kingdom’s readiness to invest in renewable energy, agriculture, and water connectivity.
“We are committed to deepening our relationship with Nigeria and identifying opportunities that drive economic growth for both nations,” Alghamdi states.
This visit represents another step toward enhancing Nigeria-Saudi relations, as both countries seek to leverage their economic strengths for long-term development and stability.
Ongoing Discussions on Nigeria-Middle East Collaboration
Earlier, Cardoso advocates for stronger economic ties between Nigeria and the Middle East, highlighting opportunities for collaboration in infrastructure, tourism, and financial sector development.
During the Conference on Emerging Markets Economies in Saudi Arabia, he meets with Talal Al-Humond, Assistant Governor for Monetary Affairs at the Saudi Central Bank (SAMA), to explore areas of mutual economic interest.
He notes that Saudi Arabia’s investments in large-scale infrastructure, economic diversification, and tourism provide valuable insights for Nigeria’s development agenda.
The CBN governor also reinforces the bank’s commitment to engaging with the Nigerian diaspora in the Middle East to enhance remittance inflows and strengthen the financial sector.
Al-Humond responds by assuring Nigeria that Saudi Arabia is prepared to work with it on important economic projects, thereby enhancing the possibility of deeper financial and business ties between the two countries.
