(Bloomberg) — Nigeria is searching for a $5 billion commerce facility from Saudi Arabia to shore up capital for its financial reform program. 

The West African nation desires a take care of the Saudi authorities on the ability, Nigeria’s presidency mentioned in a press release Tuesday after President Bola Tinubu met Crown Prince Mohammed bin Salman in Riyadh on the sidelines of the joint Arab-Islamic Summit. No additional particulars got.

The crown prince assured Nigeria of its assist for its financial reform packages, the presidency mentioned. “The 2 leaders explored potential areas for cooperation, notably oil and fuel, agriculture, infrastructure and the structure of the Saudi-Nigeria Enterprise Council.”  

Nigeria first flagged the proposed funding a 12 months in the past, when the 2 nations shaped a Nigeria-Saudi Arabia Enterprise Council. Nigerian Funds and Financial Planning Minister Abubakar Atiku Bagudu mentioned on the time that he anticipated to see “vital funding” flows from Saudi Arabia.

Since turning into president of Africa’s greatest oil producer in Might 2023, Tinubu has applied a collection of financial reforms aimed toward attracting overseas capital to assist speed up development. Nigeria is the continent’s most-populous nation, with virtually 225 million folks — 40% of whom reside under the nationwide poverty line.

Tinubu mentioned final month that the reforms have attracted greater than $30 billion in overseas direct funding within the West African nation.

In Might, Nigeria and Saudi Arabia agreed to strengthen bilateral ties and to discover potential funding alternatives in Nigerian agriculture and commerce, in line with Nigeria’s info ministry. In November 2023, the 2 nations additionally mentioned alternatives in expertise, telecommunications, oil and fuel, and mining.

–With help from Anthony Osae-Brown and Alister Bull.

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