President of the Federal Republic of Nigeria Bola Ahmed Tinubu has promised Saudi investors that Nigeria offers some of the world's highest returns, as he seeks to woo more investment from the Gulf nation.
Speaking at the Saudi-Africa investment summit in Riyadh on Friday, November 10, President Tinubu assured potential Saudi investors that "Nigeria is ready for business" and their investments would be safe.
"I also wish to assure all potential Saudi investors of the safety of their investments based on the sanctity of the rule of law and good returns on their investments in the largest economy in Africa," Tinubu was quoted as saying in a statement by his spokesperson Ajuri Ngelale.
The President highlighted Nigeria's ongoing economic reforms including the removal of fuel subsidies and foreign exchange market mergers as incentives to improve the ease of doing business.
"Nigeria, like the Kingdom, is diversifying her economy away from oil dependence to promote sustainable development," he noted.
Tinubu's pitch to Saudi investors comes as Nigeria seeks to attract more foreign capital to fund critical infrastructure and job creation.
The President expressed confidence that Nigeria and Saudi Arabia's close cooperation at multilateral forums would help advance both countries' mutual interests.