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Tinubu Seeks Investment Opportunities at Riyadh Summits

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President Bola Tinubu of Nigeria is set to attend two major summits in Riyadh, Saudi Arabia, this week to boost trade and investment ties between Africa and the Arab world. The president will participate in the Saudi-Africa Summit on November 10 and the Arab-African Summit on November 11, according to his media adviser, Ajuri Ngelale.

The Saudi-Africa Summit will focus on enhancing economic cooperation, counter-terrorism, environmental issues, and agricultural development, among other areas of mutual interest. Tinubu will also attend the Arab-African Summit as the chairman of the ECOWAS Authority of Heads of Government, where he will advocate for closer collaboration and infrastructure integration between the two regions.

The president’s visit is part of a broader strategy to leverage the opportunities presented by the African Continental Free Trade Agreement (AfCFTA), which aims to create a single market of over one billion people and a potential $29 trillion GDP by 2050. Tinubu will seek to attract foreign direct investment into Nigeria’s key sectors, such as energy, health care, and entertainment, and to diversify the country’s exports.

The president’s trip comes at a time when Nigeria is facing economic challenges, such as high inflation, unemployment, and insecurity. Tinubu has been pursuing various reforms and initiatives to revive the economy and improve the welfare of Nigerians. He has also engaged with other regional and global partners, such as the European Union, China, and the United States, to strengthen bilateral and multilateral relations.

The summits in Riyadh are expected to produce concrete outcomes and benefits for Nigeria and Africa, as well as for Saudi Arabia and the Arab world. The Kingdom of Saudi Arabia is one of the largest investors and donors in Africa and has been supporting various development projects and humanitarian causes on the continent. The Kingdom is also a strategic ally of Nigeria in the fight against terrorism and extremism.

Tinubu’s participation in the summits will demonstrate Nigeria’s leadership and commitment to advancing the interests of Africa and fostering peace and prosperity in the world.

Source: Business Day NG

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