At the sidelines of the Joint Arab-Islamic Summit in Riyadh, Saudi Crown Prince and Prime Minister Mohammed bin Salman reaffirmed Saudi Arabia’s support for Nigeria’s economic reforms and development goals. Crown Prince Mohammed bin Salman, meeting with Nigerian President Bola Ahmed Tinubu, emphasized Saudi Arabia’s dedication to fostering bilateral cooperation and pledged to explore multiple areas for partnership, including oil, agriculture, and infrastructure.

During the discussions, the Crown Prince highlighted Saudi Arabia’s commitment to advancing Nigerian agriculture through the Saudi Agricultural and Livestock Investment Company (SALIC). In 2022, SALIC invested $1.24 billion to acquire a 35.43 percent stake in Olam Agri, a major player in Nigeria’s agribusiness sector, and there are now talks of expanding this partnership.

This investment, and potential expansions, underscores Saudi Arabia’s role in advancing Nigerian agriculture as both nations aim to enhance food security and economic resilience. Key areas of collaboration were explored, including a proposal from Nigeria for a $5 billion trade facility to boost economic ties. The leaders discussed establishing a Saudi-Nigeria Business Council to further promote deeper trade ties investments across sectors such as oil, gas, infrastructure, and agribusiness.

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The Joint Arab-Islamic Summit, which took place on November 11, 2024, also saw Nigeria renewing its role in the Ministerial Committee for Peace in Gaza and Lebanon, a diplomatic body created to pursue peace initiatives in conflict-affected regions. Alongside other members of the Organisation of Islamic Cooperation (OIC) and the League of Arab States, Nigeria supported a resolution condemning recent violence in Gaza and Lebanon, describing actions against Palestinian civilians as “crimes of genocide.”

The summit resolution also addressed Lebanon, emphasizing respect for its sovereignty amid ongoing regional tensions. The summit resolution reinforced the commitment to the establishment of a sovereign Palestinian State with East Jerusalem as its capital. Additionally, it called for the protection of regional sea lanes and endorsed a new agreement between the African Union, OIC, and the League of Arab States aimed at supporting Palestinian rights.

Leaders also expressed solidarity with Lebanon amidst its security challenges and emphasized the need for diplomatic intervention to promote regional stability. The high-profile discussions mark a continued effort by both nations to strengthen political, economic, and security alliances across the Middle East and Africa.