Saudi Arabia and Nigeria sign bilateral trade agreement on trade and security

NIGERIA and Saudi Arabia have agreed to set up a Nigeria-Saudi Council with a mandate to promote investments between both nations and enhance relations in several areas including security and the oil sector.

President Muhammadu Buhari is currently in Saudi Arabia to attend the Future Investment Initiative (FII) conference in Riyadh and on the sidelines of the summit, entered into the bilateral agreement with the Saudis. He signed the agreement on behalf of Nigeria, while Saudi crown Prince Mohammed bin Salman, penned the agreement on behalf of his country.

Mallam Garba Shehu, President Buhari's spokesman, said the council will be made up of government officials and business leaders from both countries. He added that the areas of focus are economic growth and development, investments in oil and non-oil sectors and security cooperation.

According to Mallam Shehu, President Buhari and the crown prince agreed that the first assignment for the council is to establish a legal and operational framework that will facilitate investments beneficial to both countries. He added that the council will be established over the next two months, while meetings will be held twice every year.

Mallam Shehu said that to ensure that relations between both countries remain active, the leaders of both countries at the highest level will meet at least once every year to review the progress of the joint council and ensure closer collaboration on issues of mutual interest. President Buhari thanked the crown prince for the kingdom’s interest in investing in Nigeria.