Buhari Leaves For Saudi Arabia Monday
- As investment summit opens Oct 29
BY EDMOND ODOK, ABUJA – President Muhammadu Buhari will depart Abuja today, Monday, October 28, to attend the third edition of the Future Investment Initiative (FII) in Riyadh, the Kingdom of Saudi Arabia.
Presidential spokesman, Malam Garba Shehu, said in Abuja on Sunday that event is being organised by Saudi’s Public Investment Fund (PIF).
The statement by Malam Shehu said the event with the theme, ‘What’s Next for Global Business?’ is slated to hold between Tuesday, October 29 and Thursday, October 31, 2019.
According to him, the three-day event, packaged under the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz of Saudi Arabia and chaired by Crown Prince Mohammed bin Salman bin Abdulaziz, will focus on three key pillars of: Sustainable Future, Technology for Good and Advanced Society. The Crown Prince is also the Deputy Premier, Chairman of the Council of Economic and Development Affairs and PIF.
The statement stated that “Given the increased investors’ confidence in the Nigerian economy, President Buhari will use the occasion to speak about the economic opportunities that abound in Nigeria, the effectiveness of his administration’s policies to improve the business environment and invite investors to the country.
“It is noteworthy that the total value of capital inflow into Nigeria increased from 12 billion dollars in the first half-year of 2018 to 14 billion dollars for the same period in 2019.”
The presidential aide further stated the Nigerian delegation will leverage on the resources in Saudi’s PIF, which aims at becoming one of the largest and most impact sovereign wealth funds in the world.
He said the delegation will seek foreign investments in critical projects in the country’s oil and gas sector, particularly the Ajaokuta-Kaduna-Kano (AKK) gas Pipeline – the 614 km-long natural gas pipeline currently being developed by the Nigerian National Petroleum Corporation (NNPC).
Mallam Garba said; “Nigerian officials will also take advantage of the summit to accelerate discussions on the planned interest of the Saudi Oil Company, Aramco, to revamp Nigeria’s refineries and new investments in the oil and gas sector.”
The statement quoted the organizers as saying that the high-profile conference has proven to be a substantial international platform for expert-led debate among investors, innovators and governments as well as economic leaders, with the power to shape the future of global investment, since it was launched in 2017.
Consequently, the conference focuses on utilizing investments to drive growth opportunities; enable innovation and disruptive technologies; and address emerging global challenges.
Over 4,000 delegates from about 90 countries are expected to participate in this year’s FII, which will also host 12 workshops on different topics including cities, energy, climate, health, data, mobility, food, travel, sports, shopping and youth.
The statement by the President’s Senior Special Assistant (SSA) on Media and Publicity, said the official delegation will include Governors Babagana Zulum of Borno State, Abubakar Bagudu of Kebbi and Aminu Masari of Katsina State.
Others on the entourage are, Minister of State, Foreign Affairs, Zubairu Dada, Minister of Industry, Trade and Investment, Niyi Adebayo, Minister of State, Petroleum Resources, Timipre Sylva and Minister of Communications, Ibrahim Pantami.
Also on the team are; the National Security Adviser (NSA), Maj-General Babagana Monguno (rtd), Director-General, National Intelligence Agency (NIA), Ambassador Ahmed Rufa’i Abubakar, and Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Mele Kolo Kyari.
Mallam Shehu however stated that from the investors’ conference in Riyadh, President Buhari will thereafter proceed to Makkah, accompanied by close personal aides, to perform the Umrah (lesser pilgrimage) before returning home to Nigeria.
