Saudi Arabia-Nigeria Bi-lateral Talks Fallouts

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Wale Tinubu and King Salman

Nigeria is increasingly seeking to implement a genuine development and diversification of investments for a broader-based economy to spur growth across all sectors.

The country is also harnessing the enormous potential of its oil and gas industry through regulatory reform and foreign direct investments.

As part of that, President Muhammadu Buhari recently led a delegation of ministers, economic advisors and corporate leader Wale Tinubu, in a strategic dialogue with Saudi King, Salman Bin Abdulaziz Al-Saudi in Riyadh, Saudi Arabia.

The meeting centred on oil pricing, issues effecting the global supply glut, and economic opportunities for investments in Nigeria.

According to experts, the discussions are expected to start yielding fruits in the not-too-distant future.

  • dawas

    Most unintelligent and naive journalism from thisday newspaper. Saudi Arabia is a member of opec and does not determine the price of oil but a. price taker.

    • Dawood

      However, what Saudi Arabia does can AFFECT the price of oil. If Saudi Arabia wants to jack up your economy, all it needs to do is step on the pedal. Ask the US. That’s why American Presidents always go over there to kiss the Saudis’ asses. Let me bring it home: Buhari visits Saudi Arabia, BOOM, the price of oil rises. It’s not coincidence.

      • Solomon Aruwaje

        illiterate is a more than dead person, you mean Buhari will influence SA economy sources, you are really choking

        • muazu wali

          Ethnicity, tribalism, and prejudice are at work here. Nigerians have not been blessed with common sense. Each tribe claims it is better and will do better than the other, no one has the ability except their own Regrettably that is the strategy used by the elites to keep us fighting while they steal our common wealth.

          • D Oladapo

            Your written comments make sense. Ethnicity bigotry is a major grassroots issue facing the nation.

      • Okafor

        Not so. America has got oil. Have you wondered why oil price falls? Because they have stock piled it.

        • Dr ebenuwa

          The clients that buy nigerian oil cant afford american oil..besides the american oil is for classified clients with clasified business..and american oil is for america consumption

    • xabnuq

      Unintelligent journalism?..that I don’t see here…Saudi are not just price taker..but in fact price determinant at the top of the oligopolistic OPEC chain.in OPEC there the most powerful and in fact outside OPEC,they determines the price of oil.

  • Artful ºDodger

    Where exactly is the fallout in this news?

    • umolu

      Unbelievable! They only have shown how one nation kow tow to the other, a posture that connotes one being led by the other. Africans really have nothing to gain from Arabs; they are as sleppery as eels,not to be trusted at all . In the 1800s they invaded African villages on horseback , stole people from their farms and sold them into slavery. It was a detachment of the Arabs,(the Fulanis) that also invaded the Hausas ,conquered the Hausas and imposed islam on them.They Hausas (originally animists ) who are native Africans were however allowed to keep their hausa language (forced to accept islam but allowed to keep their language ).Since then the land now called Nigeria has known no peace. Talk about maitatsine,Zango Kataf etc; and now Boko Haram. Now the Hausas are so blinded they think they are Arabs. My friends there is nothing better than your African identify. Now they go to hajj, they come back as alhaji. Only Africans go the hajj pilgrimage and come back with the alhaji title. Tell that to other moslems around the world and they wouldn’t know what you are talking about. Pakistanis, Iranians, etc simply bear the title Mr.The term al in Arabic simply mean native of, like in Sadam Hussain al or El tekriti (Sadam Hussain, native of tekriti);the name and the village. Ignorance is indeed a disease. We are Africans and not Arabs. We should be proud of whom we are.We don’t have to look up to anybody; just do the right thing and all will be well.

      • marc umeh

        Well said. The African has become a disembowelled entitity always seeking to disown self. To assuage his psychological trauma and sense of inferiority and self-rejection , he imports all types of title from his “superiors” all over the world. He assumes their history as his own and acts in ways inimical to his well-being.
        One day we will learn .

      • muazu wali

        Please return to school and add to your history of the world.

      • Dr ebenuwa

        middle east nations that are moslems too have been burnt by the arabs, now african dont want to learn from the experience..when the chips are down the arabian will remind african that we(arabians) are the custodian of islam, and that arabs exported islam to other nations of the world

    • William Norris

      Wow….you made a comment without abusing Igbo people. Good for you! Your madness may have a cure after all

  • chimaegbukole

    Whoever wrote this needs to go back to school

  • Lawrence Onyemaechi

    Mr President should assemble strong economic team which Nigeria does not have at the moment can someone tell me what is wrong with our president?

    • yinka

      GEJ thinks he did when he recruited Ngozi from World Bank. Ngozi is just a senior manage at WB that knows how implement policy of the bank. Nigeria economy is corruption and oil based so putting economist together and have another conference is exercise in futility. Cleanup corruption and diversify and the economy will pickup very fast. Period, shekana and opari .

      • Segun Abiodun

        “Ngozi is just a senior manager at the World Bank that knows how to implement policy of the Bank”
        Really?
        I bet you are better qualified than Ngozi so why don’t you offer your services to our dear country and get our economy growing at above 6 percent for the next 3 years.
        Better still why don’t you articulate an economic policy for the Buhari administration to follow. Ensure that both monetary and fiscal policy are working in tandem and that there is also a balance in the external sector component of our economy.
        While at it ensure that there is macroeconomic stability with falling inflation and a reduction in unemployment rates.
        We would expect exchange rate stability.
        Further ensure that you attract FDI into the country while strengthening the markets pay particular attention to the bond / securities market.
        We would definitely expect you to retire our outstanding debt obligations both internally and externally while ensuring that there is inclusive growth.
        We would certainly love to see you accomplish all these objectives for our dear country.
        Set up institutions that would deal with sectorial problems and ensure that small and medium scale enterprises are provided adequate credit for growth.
        We would expect you to deal with the housing problem that the our dear country faces while at the same time ensuring that we build up buffers to deal with recessionary periods. That is containing a negative externality.
        Finally you must ensure that you tackle the current problems of true fiscal federalism that our dear nations faces in order that there is balanced growth across the 6 geopolitical zones.
        As a good economist that is much better than Ngozi we would expect to see a rapid turn around in our economy in less than a year.
        But first of all please publish your qualifications so that we know we are not dealing with a quack economist.
        Maybe while you are on this assignment you can also sell me an oceanfront property in Arizona.
        Ha ha ha ha ha lol

        • muazu wali

          Instead of complaining and mourning Nigerians should learn to express their ideas through magazines, newspapers and the social media. The president should not do this or do that propose what should be done how and by whom.

          • Segun Abiodun

            Thanks Muazu for your useful contribution
            Yes Nigerians must use the right media to get their view points across.
            However we must go beyond that to identify the critical success factors required to pull ourselves out of our present quagmire.
            All hands must be on dèck to do just that. A bipartisan approach must be adopted as a way of glavernizing our dear country on the right part of development.
            No hand must be wasted.
            Our president must be a president for all Nigerians and not for only one section ( Northern Nigeria ) .
            He must build inclusiveness into his economic policy thrust agenda .
            Yes Buhari has a major role to play in bringing about cohesiveness in our development.
            So far he has failed to do so. His utterancese have been divisive in nature and has failed to inspire a sense of unity and togetherness in the Land.
            We are more divided as a country as ever before.
            Finally to adopt the words of the great American President JF Kennedy who said in his inauguration speech
            ” So my fellow Americans ask not what your country can do for you ask what you can do for your country”
            We as Nigerians must do the same and ask not what Nigeria can do for us but ask what we can do for Nigeria.
            God bless Nigeria

        • yinka

          David stockman major in a field related to religion from a liberal college. He rose to executive position at the to investment firm in wall street and budget director of President Reagan and the rest is history. Do you know how many Nigerians are executive in the world top 5 investment firms , you will never know because they are not working for world Bank or IMF or UN.

          • Segun Abiodun

            Please tell us how many Nigerians have become Managing Director at the World Bank.
            Tell us how many Nigerians have ever been considered to head that global institution twice.
            Tell us how many Nigerians have been appointed Senior Research Scholars at the brookings institute, the leading think tank in the United States where so many noble prize winners have a chair.
            Tell us how many Nigerians are members of the Clinton Global initiative.
            While you are at it tell us how many Nigerians are members of the distinguished Rockefeller Foundation.
            I would not talk about her other international appointments or the current positions held.
            It is certainly true what they say that a prophet is never recognized in his own land.
            We are indeed lucky to have such a brilliant globally accepted economist as a Nigerian.
            What we have today is leverage her experience, contacts and knowledge for the good of our dear country.
            We must also look at other Nigerians in the diaspora who equally can contribute to our development.
            Yes all hands must be on deck to pull our country out of our present economic mess.

    • muazu wali

      I pity you. With over 200 universities and thousands of professors you still doubt our ability to solve our economy?

      • Lawrence Onyemaechi

        N1 FOR US$325 hmmmmmm