- As Edun assures of more investments, employment after Saudi trip
From Juliana Taiwo-Obalonye, Abuja
Nigerians have been reassured by Minister of Budget and Economic Planning, Atiku Bagudu, that the worst of the nation’s economic difficulties are behind them, as the 2025 Budget is expected to bring about noticeable improvements in living standards.
Bagudu stated this to journalists after a meeting with President Bola Tinubu in Lagos after a briefing meeting with officials who met with Saudi Arabias government officials and investors.
“We have turned the bend. I think we have taken the tough choices; we have seen the worst we could see and not unexpected. That is why social protection was improved,” Bagudu said.
The minister outlined the National Assembly’s priorities for the 2025 budget.He stressed that the average Nigerian, especially small-scale farmers and traders, may anticipate improved business support, a stronger economy, lower inflation, and more job possibilities. The budget also prioritises better security, human capital investment, and infrastructure development.
“The quality of life will get better,” he assured.
Bagudu also discussed Nigeria’s expanding ties with Saudi Arabia, saying that they are a testament to President Tinubu’s esteemed reputation internationally.
He recalled the Nigerian delegation’s recent trip to Saudi Arabia, when important strides were made to improve bilateral relations.
“Our engagements with Saudi officials demonstrated their confidence in President Tinubu’s leadership. They see in him someone who is taking bold steps to transform society, much like Crown Prince Mohammed bin Salman did for Saudi Arabia,” he noted.
The minister compared Saudi Arabia’s revolutionary leadership’s activities with Tinubu’s reform initiatives, namely the removal of subsidies. These reforms have created the groundwork for sustained economic growth he said, describing it as political bravery.
“The Saudis appreciate that our President has taken risks that are unusual, and they celebrate his courage and capacity. For me, that is the number one achievement for our country,” he said.
Bagudu expressed optimism that the deepening ties with Saudi Arabia would lead to increased investment, bolstering Nigeria’s foreign reserves and strengthening economic cooperation.
Also speaking, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, revealed that Nigeria’s recent economic diplomacy initiatives in Saudi Arabia have already begun to produce observable results, such as investments, foreign exchange inflows, and the creation of jobs for Nigerians.
Edun led a high-level delegation to Saudi Arabia to follow up on President Tinubu’s earlier engagements with Saudi Crown Prince, Mohammed bin Salman.
He said: “What we have brought back is investment. What we have brought back is foreign exchange. What we have brought back is jobs for Nigerians.”
He explained that these efforts are part of the administration’s broader strategy to attract foreign direct investment, trade partnerships, and financial collaborations.
Highlighting a key achievement, Edun referenced the Saudi Agricultural Livestock Investment Company’s (SALIC) recent $1.2 billion investment in Olam Agri, which he described as a testament to the President’s reforms and the stabilization of Nigeria’s macroeconomic environment.
“This type of transaction reflects the success of Mr. President’s strategy. It demonstrates the confidence global investors have in the steps being taken to attract and encourage such investments,” Edun noted.
He stressed that these investments translate into direct job creation for Nigerians, as Saudi Arabia’s focus on investing abroad does not include exporting its own labor force.
“Clearly, where they invest, that is jobs for Nigerians,” he added.
The Minister reiterated government’s ongoing efforts to reduce inflation, particularly food inflation, through initiatives like dry-season farming, aimed at ensuring a bountiful harvest and lower food prices.
“Every effort is being made to bring down the price of food and the cost of living for the average Nigerian,” Edun stated.
The delegation to Saudi Arabia included representatives from the Central Bank of Nigeria, the Ministry of Budget and Economic Planning, and the Presidential Economic Coordination Council.
Their visit built on President Tinubu’s robust economic diplomacy efforts, which have taken him to various global capitals, including Brazil, China, India, Germany, and France.
“The proof of the pudding is in the eating,” Edun concluded. “When you see jobs being created and Nigeria’s foreign reserves being added to, that is success all Nigerians can understand.”
The visit is expected to further strengthen Nigeria’s burgeoning relationship with Saudi Arabia and unlock more opportunities for economic growth and collaboration.