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Nigeria: Buhari Departs to Saudi Arabia Monday

October 28, 2019

 

 

President Muhammadu Buhari will today (Monday) depart Abuja for Riyadh, the Kingdom of Saudi Arabia, to attend the third edition of the Future Investment Initiative (FII) organised by Saudi's Public Investment Fund (PIF).

 

Under the theme, "What's Next for Global Business?", the event, which holds from October 29-31, will focus on three key pillars: Sustainable Future, Technology for Good and Advanced Society.

 

The three-day event will be held under the patronage of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz of Saudi Arabia and chaired by Crown Prince Mohammed bin Salman bin Abdulaziz, deputy premier, chairman of the Council of Economic and Development Affairs and PIF.

 

A statement by the Senior Special Assistant to the President on Media and Publicity, Mallam Garba Shehu said: "Given the increased investor confidence in Nigeria's economy, President Buhari will use the occasion to speak about the economic opportunities that abound in Nigeria, the effectiveness of his administration's policies to improve the business environment, and invite investors to the country.


 
"It is noteworthy that the total value of capital inflow into Nigeria increased from US$12 billion in the first half-year of 2018 to US$14 billion for the same period in 2019.

 

"The Nigerian delegation will leverage on the resources in Saudi's PIF, which aims at becoming one of the largest and most impactful sovereign wealth funds in the world, to seek foreign investments in critical projects in the country's oil and gas sector, particularly the Ajaokuta-Kaduna-Kano (AKK) gas Pipeline - the 614 km-long natural gas pipeline currently being developed by the Nigerian National Petroleum Corporation.

 

"Nigerian officials will also take advantage of the summit to accelerate discussions on the planned interest of the Saudi oil company, Aramco, to revamp Nigeria's refineries and new investments in the oil and gas sector."

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