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Tinubu Assures Nigeria-Saudi Investors Of No Bottlenecks 

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Tinubu Assures Nigeria-Saudi Investors Of No Bottlenecks 

PRESIDENT TINUBU TO NIGERIA-SAUDI INVESTMENT ROUNDTABLE: ALL BOTTLENECKS WILL BE CRUSHED AND YOUR FUNDS WILL COME IN AND GO OUT WITHOUT HINDRANCE

 

 

President Bola Ahmed Tinubu on Saturday in Riyadh, Saudi Arabia, began his deliberation with the Captains of Saudi Arabian Industry at the Nigeria-Saudi Investment Roundtable by making clear that with his team in place, every negative perception or notion about what Nigeria has represented in the past with respect to the ease of doing business, monetary policy, and trade cooperation is no longer applicable now and in the future of Africa’s largest economy, which he firmly declared is “open for business.”

 

 

 

 

 

“I believe in this team that I have brought from Nigeria. When I took office, I declared the immediate commencement of bold and fundamental economic reforms. We have executed them, and we sustain the reform process. Today, I declare that red tape is gone!

 

 

Tinubu Assures Nigeria-Saudi Investors Of No Bottlenecks 

 

 

“I believe in the full application of free market economics. Your money will flow easily in and easily out. The arbitrage around our nation’s old foreign exchange policy regime and the corruption that was associated with it is also gone!

 

 

 

“We took on those bold endeavours from day one in preparation for serious investors like you seated here. The greatest opportunity for any entity to prosper lies in its human capital. My team is prepared. We can produce. Our market is full of Nigerian youths who are brilliant, highly educated, industrious, and passionate about innovation and engagement with world-class services.

 

 

 

 

“The navigation of the ship of this great nation lies in the membership seated here. We are ready to answer all of your questions directly, even into this night if need be. The sky is not just the limit, but it is the destination for our two countries and peoples,” the Nigerian President confidently affirmed.

Saudi Arabia’s Trade and Investment Minister, Kahlid El-Falih, noted the passion and candid expression of the Nigerian leader, saying that after listening to the President speak from his heart without any written remarks about what is possible between the two nations, Nigerians can expect that the Saudi investment community will respond not in words alone, but with substantial new investment across several sectors of the Nigerian economy.

“The Minister of Commerce and I will be visiting Nigeria either before the end of this year or very early next year with a very large delegation of Saudi CEOs from all key sectors. We know you are ready for business, so we do not want to come to Nigeria for any exploratory discussion. We are coming for implementation. It is an action visit.

“Mr. President, you agree with me that good intentions alone will not take us anywhere, so we will prepare well with your team and our investors will align with your officials, beginning now, to develop a concrete work plan of investments in the key sectors for takeoff when we meet again. When we meet soon in Abuja, it will be to sign and begin delivery on all agreements. We will also use the opportunity to formally inaugurate the Nigeria-Saudi Business Council.

Saudi Arabia’s Commerce Minister, Majid bin Abdullah Al Qasabi, previewed how Saudi Arabia can further contribute to the soft infrastructural reforms needed to unlock game-changing quantums of foreign direct investment in Nigeria.

“We have signed an agreement with the World Economic Forum on the reform of the services sector in Africa. In developed economies, the services sector contributes enormously to GDP. But in the developing world, we tend to focus on goods. So, we would like to make Nigeria the pilot country in this agreement with WEF to study Nigeria’s service challenges to make it seamless and make the supply chains across sectors streamlined and raised to international standard to enhance Nigeria’s economic and investment viability over the long-term,” he stated.

Chairman of Dangote Industries, Alhaji Aliko Dangote told Saudi investors that Nigeria, under the leadership of President Bola Tinubu, will be unearthed to the world as a foremost global investment haven.

“What I always say about Nigeria is that it is the world’s best kept secret in terms of investments and returns. We are also looking to ensure that our investments are a two-way process. Nigerian companies have a lot of value to add to the Saudi economy, and we look forward to working together in expanding our Nigerian operations as well. The soon coming launch of the Nigeria-Saudi Business Council will be a huge opportunity for both countries to expand on what has been established here.

At the Investor Roundtable, dozens of Chief Executive Officers from several Saudi conglomerates specializing in construction, finance, new and traditional energy, healthcare, agriculture, electric power, mining, aviation, telecommunications, creative arts, and hospitality were present and made their exploratory pitches to President Tinubu on areas of tangible collaboration.

Taking notes, the President listened carefully with eyes fixed on each investor as they made their contributions concerning new investment opportunities in Africa’s largest market.

“I have listened to all of you very intently, and I am not only impressed, but I am determined to be your partner in progress and prosperity. Nigeria will reward your faith. Our people are ready, and we will not disappoint,” President Tinubu concluded.

The Nigerian government delegation comprised of the Executive Governors of Bauchi, Niger and Katsina States; Minister of Finance & Coordinating Minister of the Economy, Mr. Wale Edun; Minister of Budget & Economic Planning, Sen. Abubakar Bagudu; Minister of Industry, Trade & Investment, Dr. Doris Uzoka-Anite; Minister of Communications, Innovation & Digital Economy, Dr. Bosun Tijani; Minister of Agriculture, Sen. Abubakar Kyari; Minister of Humanitarian Affairs & Poverty Alleviation, Dr. Betta Edu; and Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri.

The Nigerian business delegation comprised of the Chairman of Dangote Industries, Alhaji Aliko Dangote; Chairman of the Chagoury Group, Amb. Gilbert Chagoury; President of Flour Mills Nigeria, Mr. John Coumantaros; CEO of Oando Energy Company, Mr. Wale Tinubu and many others.

Chief Ajuri Ngelale
Special Adviser to the President
(Media & Publicity)
November 11, 2023

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UBA GMD Calls for Public-Private Collaboration, Joins Aviation Minister to Commission New MMIA Departure Section

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UBA GMD Calls for Public-Private Collaboration, Joins Aviation Minister to Commission New MMIA Departure Section

The newly renovated departure section of the Murtala Muhammed International Airport, Lagos, refurbished by United Bank for Africa (UBA) Plc, was officially commissioned on Friday, December 20th, 2024.

The laudable project, which marks a transformative moment in Nigeria’s aviation sector, underscores UBA’s unwavering commitment to national development and highlights the immense value of strategic public-private partnerships (PPPs).

The ceremony was graced by distinguished stakeholders, including the Honourable Minister of Aviation and Aerospace Development, Festus Keyamo, SAN; the Managing Director of the Federal Airports Authority of Nigeria (FAAN), Mrs. Olubunmi Kuku; other Directors, and Heads of Agencies operating at the Airport.

Speaking at the event, UBA’s Group Managing Director/CEO, Oliver Alawuba,lauded the collaboration that brought the project to fruition as he emphasised the need for public and private institutions to come together to build and revamp the nation’s assets.

“This renovation is a testament of UBA’s belief in the transformative power of investing in national assets. By modernising our airports, we not only enhance infrastructure but also position Nigeria as a global hub for tourism, trade, and investment,” he stated.

Alawuba took time to highlight the broader economic impact of such initiatives, urging increased private-sector participation in national development. “Public-private partnerships like this demonstrate what can be achieved when we unite for a shared vision of progress and investing in infrastructure catalyses economic growth, improves travel experiences, and creates opportunities across various sectors of the economy,” he added.

Alawuba reflected on the power of unity and collaboration, quoting Helen Keller: “Alone we can do so little; together we can do so much.” The commissioning of the renovated departure section serves as a reminder of what strategic partnerships can achieve in driving national development and elevating Nigeria’s global standing.”

While commissioning the project, Keyamo commended UBA for executing the project, a feat he termed a landmark achievement in Nigeria’s aviation sector. “This renovated departure section exemplifies the bank’s commitment to elevating aviation infrastructure, improving passenger experiences, and fostering international partnerships. It is a proud moment for the ministry and all stakeholders involved, and I thank the management of UBA for pioneering this initiative,” he remarked.

The minister highlighted other key achievements of his ministry, including compliance with the Cape Town Convention, the launch of a consumer protection portal, and advancements in major infrastructure projects such as the second runway at Abuja Airport and solar energy integration in airport operations.

The Managing Director/Chief Executive of FAAN, Mrs. Olubunmi Kuku, commended UBA and other stakeholders for their contributions, adding, “This project reflects FAAN’s dedication to delivering world-class aviation infrastructure. The enhanced departure section not only elevates passenger experiences but also strengthens Nigeria’s competitive position in global aviation,” she said.

She called for more private-sector participation, emphasising that “partnerships like these are essential to transforming the aviation sector into a beacon of excellence.”

The newly renovated departure section boasts cutting-edge facilities designed to enhance efficiency and passenger comfort. This upgrade reaffirms the Murtala Muhammed International Airport’s status as a critical gateway to Nigeria and a major hub for international travel in Africa.

United Bank for Africa is Africa’s Global Bank. Operating across twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology. UBA is one of the largest employers in the financial sector on the African continent, with 25,000 employees group wide and serving over 45 million customers globally.

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Dangote Hails Tinubu on Impact of Crude for Naira Swap Deal

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Dangote Hails Tinubu on Impact of Crude for Naira Swap Deal

 

 

…As Dangote Refinery partners MRS to sell PMS at N935 per litre nationwide at its retail outlets

 

 

Sahara Weekly Unveils That The Foremost entrepreneur and President of the Dangote Industries Limited, Aliko Dangote has commended President Bola Ahmed Tinubu for the positive impact of the naira for crude swap deal on the Nigerian economy, which has led to reduction in prices of petroleum products in the country.

 

Dangote Hails Tinubu on Impact of Crude for Naira Swap Deal

 

To provide succour to Nigerians, Dangote recently reduced the price of Premium Motor Spirit (PMS) from N970 to N899.50 at its Refinery loading gantry and provided generous credit terms to marketers.

 

 

“To ensure that this price reduction gets to the end consumer, we have signed a partnership with MRS to sell petrol from its retail outlets nationwide at N935 per litre” he added. This price has already commenced in Lagos, and it will be offered nationwide from Monday.

 

 

In his statement, he called on other oil marketers such as the NNPC Retail and all other marketers, “to work with us to ensure that Nigerians enjoy high-quality petrol at discounted prices.”

 

 

According to him, “The Dangote Refinery is for the benefit of Nigeria and Nigerians. We will therefore continue to work with various value chain players to deliver high quality petrol at cheaper prices. Our aim is for all Nigerians to have ready access to high quality petroleum products that are good for their vehicles, good for their health, and good for their pockets.

 

 

Recall that in September, the Federal Executive Council (FEC) under the leadership of Mr. President approved the sale of crude to local refineries in Naira and corresponding purchase of petroleum products in Naira. The move, which commenced on October 1, led to reduced pressure on the dollar and ensured the stability of the local currency.

 

 

Dangote thanked Nigerians for their unwavering support and the government for creating an enabling environment for the domestic refining industry.

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Port Harcourt Refinery Stays Active: NNPC Denounces Sabotage Rumors

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Port Harcourt Refinery Stays Active: NNPC Denounces Sabotage Rumors

NNPC Debunks Shutdown Rumors, Confirms Port Harcourt Refinery Fully Operational

 

The Nigerian National Petroleum Company Limited (NNPC Ltd) has dismissed reports circulating in certain media outlets claiming that the Old Port Harcourt Refinery, which was re-streamed two months ago, has been shut down.

In a statement released by Olufemi O. Soneye, the Chief Corporate Communications Officer of NNPC Ltd, the company clarified that the refinery is fully operational. The statement noted that the facility’s operational status was recently verified by former Group Managing Directors of NNPC during a site inspection.

“Preparation for the day’s loading operation is currently ongoing,” the statement confirmed, emphasizing that allegations of the refinery’s shutdown are baseless and intended to create panic or artificial scarcity in the fuel market.

NNPC Ltd urged members of the public to disregard such misleading reports, labeling them as the work of those seeking to exploit Nigerians.

The Old Port Harcourt Refinery has been in operation since its re-streaming, and the company remains committed to ensuring stability in the supply of petroleum products across the country.

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