Some ministers have assured Nigerians improved economy, lower inflation, and job opportunities in 2025.

The ministers gave the assurance while briefing State House Correspondents after a meeting with President Bola Tinubu in Lagos on Sunday, December 29, 2024.

The delegation included the Minister of Finance and Coordinating Minister of the Economy, Wale Edun; the Minister of Budget and National Planning, Abubakar Bagudu; and the Group Chief Executive Officer of Oando Plc, Wale Tinubu, who is a member of the Presidential Economic Coordination Council.

Others were the Special Adviser to the President on Finance and the Economy, Sanyade Okoli; and the Deputy Governor of the Central Bank of Nigeria (Economic Policy), Muhammad Abdullahi.

The delegation held talks with Saudi EXIM Bank, the Saudi Development Fund and the Saudi Agricultural and Livestock Investment Company (SALIC) to advance ongoing conversations about their investments in Nigeria.

Speaking with State House correspondents, Bagudu said the Saudis saw in Tinubu somebody who was changing his country, just like they had transformed their own country.

He said the Crown Prince of Saudi Arabia, Mohammed bin Salman, was faced with a people who believed they were wealthy, and felt entitled.

The minister stated: “He came as a leader and he said, well, you might be rich, you might be entitled, but our economy is not passing the right direction.

“So, he introduced reform measures, which were unusual then in Saudi Arabia; removal of oil subsidies, introduction of VAT legislation, among others.

“I have a receipt here, when I ate food, I noticed that the VAT was 15 per cent. But today, Saudi Arabia is turning into a wonderland, an amazement in investment; money is flowing.”

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Bagudu said he was confident that more investments would follow the engagements of the Nigerian delegation to Saudi Arabia.

He added: “I think we have made the tough choices, we have seen the worst we could see and is not unexpected.

“So, what we expect to see in 2025 is a better economy, lower inflation, more employment opportunities, more support for businesses, more infrastructure development.

“We also expect more funding of security and better security, and all those priority areas; human capital development, education, health.

“We’re sure to see more in that direction, and the quality of life will get better.”

Also speaking, Edun said the economic diplomacy carried out by Tinubu around the world is generating the desired results.

Edun said the president had embarked on fruitful economic diplomacy on all continents – Brazil in South America, China and India in Asia, as well as Germany and France in Europe, and elsewhere.

He said, as a follow up on economic diplomacy, he recently led a delegation to Riyadh in Saudi Arabia to ensure the success of the developing relationship between him and Salman.

Edun said Tinubu had taken steps to stabilise the Nigerian macroeconomic environment to encourage such investments in the country.

The minister said the takeaways from the visit included prospective investments, foreign exchange and jobs for Nigerians.

Edun stated: “If you look at the demographics of Saudi Arabia, to the extent that they are investing abroad, they are not going to be exporting their people, they’re not like some of the other big, populous countries of Asia.

“So, clearly, where they invest, that is jobs for Nigerians. That’s the simplest way I would put it.

“The Olam transaction was a long time in the works; it was first discussed at the first Business Council Meeting held last year in Saudi Arabia, and it materialised this year.”

The Star