Nigeria and Saudi Arabia are intensifying efforts to strengthen bilateral economic relations, with stakeholders calling for greater trust, transparency and diversification to unlock investment opportunities in both countries.
The call was made at the second edition of the Nigeria-Saudi Diaspora Investment and Tourism Exhibition in Abuja, where government officials, diplomats and business leaders explored ways to boost trade and investment beyond the long-standing relationship centred on Hajj and religious pilgrimage.
Speaking at the summit, themed "The Misconceptions, Challenges and Opportunities of Investing in Saudi Arabia and Nigeria Today," the Chairman/Chief Executive Officer of the Nigerians in Diaspora Commission (NiDCOM), Hon. Abike Dabiri-Erewa, said stronger collaboration between the two nations would be driven by mutual trust, transparency and knowledge sharing.
She reiterated that Nigeria remains an attractive investment destination, citing opportunities in agriculture, tourism, hospitality, healthcare, logistics and trade. Dabiri-Erewa also commended Al-Yaro International Ltd. for creating a platform that encourages dialogue, networking and investment partnerships between both countries.
Nigeria's Ambassador to Saudi Arabia, Dr. Yakubu N. Gambo, said misconceptions about doing business in both countries continue to limit economic cooperation. He stressed the need for transparent policies and stronger institutional collaboration to build investor confidence.
According to him, Nigeria's youthful workforce and strengths in technology, agriculture, healthcare and the creative sector align with Saudi Arabia's Vision 2030 development agenda, creating significant opportunities for mutually beneficial partnerships.
Also speaking, the Head of the Nigeria-Saudi Arabia Chamber of Commerce, Engr. Ibrahim Usman, urged both nations to expand their relationship beyond religious activities by promoting trade and investment. He highlighted ongoing initiatives aimed at tackling commercial fraud, simplifying business transactions and developing the halal economy, particularly through export-ready agricultural products.
Former Vice President of the Islamic Development Bank, Dr. Mansur Muhtar, advised investors to explore opportunities in renewable energy, real estate, tourism and sustainable agriculture, noting that economic diversification remains critical to long-term prosperity.
Organiser of the summit and Chief Executive Officer of Al-Yaro International Ltd., Musa Yaro, expressed optimism that the event would foster strategic partnerships and attract new investments into Nigeria. He disclosed that this year's edition targeted over 100 exhibitors and more than 500 delegates, while appreciating President Bola Ahmed Tinubu and NiDCOM for supporting the initiative.
Awards were presented to outstanding organisations, including ARISE, Faiz Takaful, Vego Energy Solutions, TMDK Group, Zee Coffee and NiDCOM, in recognition of their contributions to investment promotion and economic development.