Nigeria will feed Africa if we put our acts together- Usman

Ibrahim Usman, CEO of the Nigerian-Saudi Chamber of Commerce, highlights the Chamber’s role in enhancing business ties between Nigeria and Saudi Arabia. The partnership aims to leverage Nigeria’s agricultural and mineral resources with Saudi funding and technology, benefiting the private sector and creating jobs. Usman praises NEXIM Bank’s support but criticizes the Solid Minerals Development Fund’s performance. He envisions significant Saudi-Nigerian joint ventures, emphasizing the need for government support to streamline logistics and enhance the ease of doing business. Source: BusinessDay

Our Review

The Nigerian-Saudi Chamber of Commerce, Industry, Mines, and Agriculture, under Ibrahim Usman’s leadership, represents a significant opportunity for enhancing bilateral trade and investment between Nigeria and Saudi Arabia. The Chamber aims to foster economic growth by leveraging Nigeria’s vast arable land and mineral resources and Saudi Arabia’s financial and technical support. This partnership promises to enhance agricultural productivity, promote solid mineral processing, and create job opportunities through mechanized farming and mineral processing initiatives. The collaboration could be transformative for Nigeria’s agriculture and mining sectors, emphasizing the need for local processing of minerals like lithium to add value and create downstream industries. The Chamber’s focus on establishing the Nigerian-Saudi Business Council and facilitating B2B meetings will further enhance trade relations and economic cooperation. Despite challenges like inadequate support from the Solid Mineral Development Fund, the proactive involvement of institutions like NEXIM Bank is encouraging. The government’s responsiveness, highlighted by significant MOUs and international engagements, underscores the potential for sustained economic benefits.