The Kingdom of Saudi Arabia has revealed ambitious strategies to harness the vast agricultural potential of Nigeria, with intentions to invest significantly. This move is aimed at both supplying the Nigerian market and exporting food to neighboring nations.
During a visit to the Nigerian Minister of Agriculture and Food Security, Senator Abubakar Kyari, the Saudi Minister of Environment, Water and Agriculture, Engr Abdulrahman Abdulmoshen, expressed that Nigeria’s agricultural sector holds comparative advantages ripe for investment. He emphasized the importance of developing local production capabilities to avoid reliance on imports which might become unsustainable.
Abdulmoshen mentioned that the Saudi private sector is keen to explore the Nigerian market, urging for incentives to facilitate their entry. He suggested that arrangements such as long-term land leases could be negotiated to foster a sustainable investment environment that benefits both parties.
In response, Senator Kyari highlighted Nigeria’s commitment to creating a conducive investment climate, particularly in agriculture. He noted the government’s efforts in enhancing the ease of doing business to attract foreign investment, like that from Saudi Arabia.
Kyari also expressed Nigeria’s ambition to increase its agricultural trade with Saudi Arabia, leveraging crops such as Sesame, Cashew, Ginger, Soybean, Wheat, Maize, Palm Oil, and Animal Feed to expand into the Middle Eastern market.