By Felix Onuah
ABUJA (Reuters) – Nigeria’s President Bola Tinubu will attend the Saudi-Africa summit in Riyadh this week to attract foreign direct investment to Africa’s largest economy and mobilize capital to build needed infrastructure, his office said on Wednesday.
Tinubu has embarked on the country’s boldest reforms in decades, which have been welcomed by investors. He will leave for Riyadh, Saudi Arabia, on Thursday ahead of the Nov. 10 summit, spokesperson Ajuri Ngelale said in a statement.
“Discussions at the first Saudi-Africa summit will revolve around supporting joint action, enhancing political coordination, … facilitating economic transformation through research and the local development of new energy solutions, all while bolstering cross-sectoral investment cooperation,” Ngelale said.
Nigeria is seeking more investments rather than relying on debt to revive the economy of Africa’s most populous nation fraught with double-digit inflation, foreign currency shortages, a weakening naira currency, widespread insecurity and crude oil theft.
Tinubu will be accompanied to Riyadh by a delegation of cabinet ministers including for economy and finance, budget and economic planning, foreign affairs, and education, as well as the national security adviser, Ngelale said.
(Writing by Elisha Bala-Gbogbo; Editing by Richard Chang)