Mohammed Al Saud, the Saudi crown prince and prime minister of Saudi Arabia, has assured Nigeria of support in its economic reform programmes.

The crown prince gave the assurance during a meeting with President Bola Tinubu on the sidelines of the joint Arab-Islamic Summit in Riyadh, Bayo Onanuga, the president’s spokesman, said in a statement.

He said the crown prince commended Mr Tinubu’s economic reforms, noting similarities with steps taken to strengthen Saudi Arabia’s stability and development when he became prime minister.

“He also assured Nigeria of his support and promised to motivate his team to realise the various areas of partnerships discussed at the meeting,” said the president’s spokesman.

He said the two leaders explored potential areas for cooperation, particularly oil and gas, agriculture, infrastructure and the constitution of the Saudi-Nigeria Business Council.

“Nigeria wants an agreement with the Saudi government over a proposed $5 billion bilateral trade facility between the two countries.

“The Saudi Agricultural and Livestock Investment Company (SALIC) invested $1.24 billion in 2022 to acquire a 35.43 per cent stake in Olam Agri, one of Nigeria’s leading agricultural firms.

“Talks are being held so that SALIC can have more stake in the company. The Saudi hoped the investment would make Olam one of the biggest agro-allied businesses in the world,” said Mr Onanuga.

(NAN)