Tinubu returns to Nigeria from Saudi Arabia, Guinea-Bissau


President Bola Tinubu has returned to Abuja from his one-week engagements in Saudi Arabia and Guinea Bissau.

The Boeing 737 jet conveying Tinubu and his entourage arrived at the Presidential Wing of the Nnamdi Azikiwe International Airport, Abuja, minutes past 7 p.m. (local time).

Tinubu departed Abuja for Riyadh, the Saudi capital, on Thursday, November 9, 2023, to attend the Saudi-Africa summit, which was held the next day.

While there, the President assured potential investors that their investments are safe in Nigeria.

He premised this on recent “bold economic reforms” by his administration to remove wasteful subsidies on petroleum and merge the foreign exchange market, among other incentives, to improve the ease of doing business in Nigeria.

“I also wish to assure all potential Saudi investors of the safety of their investments based on the sanctity of the rule of law and good returns on their investments in the largest economy in Africa,” the President declared.

He also assured potential investors of the free flow of their funds in and out of Nigeria, saying the bottlenecks that created the impasse are long gone.

At a bilateral meeting with Saudi Crown Prince Mohammed bin Salman Al Saud on the same day, the Government of Saudi Arabia announced plans to invest in the renovation of Nigerian refineries.

Additionally, the Kingdom said it is ready to support Nigeria’s foreign exchange reforms through a substantial deposit to enhance its forex liquidity.

On Monday, Tinubu sought a multi-billion-dollar infrastructure finance facility from the Islamic Development Bank to fund a multi-sectoral portfolio of infrastructure projects at Nigeria’s federal and sub-national levels.

This formed the crux of his discussions with the Vice-President (Country Programmes) of the Islamic Development Bank, Dr. Mansur Muhtar.

“There are several sectors replete with investment opportunities for smart investors.

“Access to finance and guarantees can be a hindrance in some cases.

“You can come in there. We see you as a critical enabler,” Tinubu told Muhtar after the evening prayers in Mecca.

In the early hours of Thursday, he arrived in Bissau, Guinea-Bissau, to join other Heads of State and Government to celebrate the country’s 50th Independence Anniversary and Armed Forces Day.

It was his second visit to the country since assuming office nearly six months ago.

Tinubu returned to the country barely 24 hours after the organised labour called off its indefinite strike following talks with the National Security Adviser, Nuhu Ribadu.