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Gulfood Green 2024

28 May 2024

Saudi Arabia plans huge investment in Nigeria’s agric sector

Saudi Arabia plans huge investment in Nigeria’s agric sector

The Kingdom of Saudi Arabia has unveiled plans to take advantage of Nigeria’s huge agricultural sector to invest massively with the aim of exporting food from Nigeria to nearby countries, as well as targeting the Nigerian market.

The Minister of Environment, Water and Agriculture of the Kingdom of Saudi Arabia, Engr Abdulrahman Abdulmoshen disclosed this when he visited the Nigerian Minister of Agriculture and Food Security, Senator Abubakar Kyari.

He said “we do believe that Nigeria has some comparative advantages and the need to invest wisely in the agriculture, food sector, whereby we will be targeting the Nigerian market or exporting to nearby countries.

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“We are also aware that the challenge facing what’s called self-sufficiency is your ability to produce it at a lower cost compared to import it from outside. Because if we fail to do so, we will continue to import and at a certain point in time, we may not be able to import and the local production is not available.

He said the Saudi Arabia private sector will examine all the opportunities in the Nigerian private sector. He stressed that certain incentives need to be provided to them in Nigeria, while the Saudi government will provide them with certain laws and incentives which will encourage them to come and set up businesses in Nigeria.

“And I do also believe that certain incentives are expected from the government. Including, I think, allocating land in a long-term sort of lease or right to use. We will be happy enough to enter into a negotiation, I’m saying this on behalf of the Saudi private sector, which will lead to a win-win, a sustainable investment”, he added.

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In his remarks, the Minister of Agriculture and Food security, Senator Kyari reiterated the commitment of the Nigeria government to expand the investment space in the Nigerian Economy, particularly in Agriculture.

The Minister the government is amassing greater confidence across the globe with renewed assurances of making Nigeria more investment-friendly with an unrelenting emphasis on ease of doing business thereby opening wide the door for mutual benefits for well-meaning investors including from the Kingdom of Saudi Arabia.

“We are desirous of a share in the Agri-Market of the Kingdom of the Saudi Arabia, the leading economy in the Middle East, to surpass the current volume of Agri-trade as provided by available figures, in areas of crops such as Sesame, Cashew, Ginger, Soyabean, Wheat, Maize, Palm Oil, Animal Feed among others”, the Minister stated.

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