Nigeria, Saudi Arabia move to deepen energy, investment partnership

Mkpoikana Udoma

Port Harcourt — Nigeria and Saudi Arabia are set to deepen bilateral cooperation in energy, trade and investment, as both countries explore new economic partnerships aimed at boosting regional commerce and attracting strategic investments.

Nigeria’s Minister of State for Petroleum Resources (Oil) Sen. Heineken Lokpobiri, disclosed this after receiving the Saudi Arabian Ambassador to Nigeria, Yousef bin Mohammed Al-Balawi, during a familiarisation visit.

Lokpobiri said discussions centred on expanding trade and investment opportunities between both nations, leveraging Nigeria’s position as Africa’s largest economy and Saudi Arabia’s growing influence as a major Middle East business hub.

According to the minister, the existing 65-year diplomatic relationship between both countries provides a strong platform for deeper economic and energy collaboration.

“Nigeria and Saudi Arabia are not starting from scratch. We are building on a foundation. The question is how much further and faster we can go,” Lokpobiri stated.

He noted that both countries share strong economic similarities, particularly through their commercial capitals, Lagos and Riyadh, which he described as strategic engines of regional trade and investment.

“Lagos and Riyadh have more in common than most people realise. Both cities are engines of regional commerce, and both countries have everything to gain from a deeper working relationship,” he said.

The minister further revealed that both sides proposed a Joint Committee Meeting and Business Roundtable to be held during the Future Investment Initiative scheduled for October 2026, as part of efforts to convert diplomatic engagements into concrete economic outcomes.

“To move from conversation to action, we proposed a Joint Committee Meeting and Business Roundtable at the Future Investment Initiative in October 2026. The groundwork is laid. Now we build,” Lokpobiri added.

The renewed engagement comes amid Nigeria’s push to attract foreign investment into its oil, gas and broader energy sectors while strengthening economic diplomacy with major global energy players.