Nigeria, Saudi Arabia Discuss $5 Billion Trade Deal

Nigeria is pursuing a $5 billion trade facility from Saudi Arabia to enhance its economic reform program, following a meeting between President Bola Tinubu and Crown Prince Mohammed bin Salman in Riyadh. The discussions included potential cooperation in sectors such as oil and gas, agriculture, and infrastructure, as well as the establishment of the Saudi-Nigeria Business Council, which aims to strengthen bilateral ties. The proposed investment has been in the works for over a year, reflecting Nigeria's efforts to attract significant foreign investment, particularly from Saudi Arabia. The presidency confirmed that the crown prince expressed support for Nigeria's reforms and expedited partnership initiatives. This move aligns with Nigeria's broader strategy to boost economic growth amid challenges faced by a large portion of its population living below the poverty line. The summit also served as a platform for discussions on regional peace-building efforts in Gaza and Lebanon.