Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has hailed the success of his recent high-level visit to Saudi Arabia, citing significant foreign investments and foreign exchange inflows as key outcomes.

Speaking to journalists after a briefing with President Bola Tinubu, Edun said: “What we have brought back is investment, foreign exchange, and jobs for Nigerians.”

The trip followed earlier discussions between President Tinubu and Saudi Crown Prince Mohammed bin Salman, aligning with the administration’s broader strategy to attract foreign direct investment, trade partnerships, and financial collaborations.

One of the delegation’s highlights was Saudi Agricultural and Livestock Investment Company’s (SALIC) $1.2 billion investment in Olam Agri Holdings. Edun described the deal as a testament to the president’s reforms and efforts to stabilise Nigeria’s macroeconomic environment.

“This transaction reflects the success of Mr President’s strategy and the confidence global investors have in the steps being taken to attract such investments,” Edun said.

He emphasised that the investments would create direct job opportunities for Nigerians, noting that Saudi Arabia focuses on foreign investments without exporting its labour force.

Additionally, Edun reiterated the government’s commitment to curbing inflation, particularly food inflation, through initiatives such as dry-season farming, aimed at increasing harvests and reducing food prices.

The delegation included representatives from the Central Bank of Nigeria, the Ministry of Budget and Economic Planning, and the Presidential Economic Coordination Council, underscoring the government’s coordinated approach to economic diplomacy.

“This visit builds on the president’s earlier engagements in Brazil, China, India, Germany, and France,” Edun noted, adding, “The proof of the pudding is in the eating. When jobs are created and foreign reserves grow, all Nigerians benefit.”

Edun’s comments coincided with a report by the Nigerian Economic Summit Group (NESG), which outlined ambitious targets for Nigeria to achieve a $4 trillion nominal GDP by 2035. The NESG report emphasised the need for $8.82 trillion in investments over the next decade to reach this goal, with 81.2% expected to come from private sector contributions.

The report highlighted Nigeria’s potential, urging the government to pursue export diversification, innovation, and regional economic integration to drive growth. It also called for measures to mitigate inflationary pressures that have eroded savings and strained the middle class.

“The vision is ambitious but achievable,” the NESG noted. “With the right policies and strategic optimism, Nigeria can unlock economic opportunities, reduce poverty, and position itself as a regional powerhouse.”