Nigerian President Attends Saudi-African Summit in Riyadh

The office of Nigerian President Bola Tinubu announced today, Wednesday, that the president will participate in the Saudi-African summit in Riyadh this week to attract foreign direct investment to Africa's largest economy and raise capital for the necessary infrastructure. Tinubu has embarked on the boldest reforms in the country in decades, which have been welcomed by investors. Spokesperson Ajuri Ngelale stated that the president will depart for the Saudi capital, Riyadh, tomorrow, Thursday, ahead of the scheduled summit on Friday. Ngelale noted that discussions at the inaugural Saudi-African summit will focus on supporting joint action, enhancing political coordination, facilitating economic transformation through local research and development of new energy solutions, and boosting investment cooperation across sectors. Nigeria aims to attract more investments rather than rely on debt to revive the largest economy in Africa by population. The country is currently facing double-digit inflation, a shortage of foreign currencies, a weak local currency, widespread insecurity, and oil theft. Ngelale indicated that a delegation of government ministers will accompany Tinubu to Riyadh, including ministers of economy, finance, budget and economic planning, foreign affairs, education, as well as the national security adviser.