Nigeria, Saudi Arabia Sign MoUs to Boost Trade, Investment

Nigeria and Saudi Arabia have signed two memoranda of understanding aimed at boosting trade and investment as well as enhancing cooperation in the field of security.

The two countries signed the memoranda of understanding in Abuja at the end of the second session of the Nigeria-Saudi Arabia Joint Commission.

The two agreements were signed, on the Nigerian side, by the Minister of State for Foreign Affairs, Zubairu Dada, and on the Saudi side, by the Deputy Minister of Environment, Water and Agriculture, Ahmed Alkhamshi.

On the occasion, Dada said that the agreements were the culmination of the brainstorming session of experts and officials who engaged in intensive negotiations on several draft agreements and memoranda of understanding submitted by the two countries and dealing with various aspects of Niger-Saudi cooperation.

He explained that the drafts were divided into three major working groups, covering the areas of education, culture, youth, sports, defense, security, drugs and human trafficking, economy, trade and investment, Hajj and labor, among others.

“We firmly believe that the conclusions and outcomes of the second session of the Nigeria-Saudi Arabia Joint Commission will go a long way in improving and advancing the current level of our bilateral relations for the mutual benefit of our peoples,” he said.

“Nigeria is committed to implementing the agreed minutes, MoUs and agreements to take our cooperation to a higher level,” the minister continued.

For his part, Alkhamshi said the agreements were based on the willingness of the governments of the two countries to strengthen joint cooperation and deepen the existing bonds of friendship.

He stressed that the agreements also aimed to develop cooperation in the economic, social and cultural fields.

He added that the signing of an agreement between the Federation of Saudi Chambers and the Federation of Nigerian Chambers aims to move forward, expand the horizon and provide opportunities for the private sector of both countries.

The third session of the Nigeria-Saudi Arabia Joint Commission will be held in Riyadh.

About Khalid Al Mouahidi 4413 Articles
Khalid Al Mouahidi : A binational from the US and Morocco, Khalid El Mouahidi has worked for several american companies in the Maghreb Region and is currently based in Casablanca, where he is doing consulting jobs for major international companies . Khalid writes analytical pieces about economic ties between the Maghreb and the Mena Region, where he has an extensive network