The Federation of Saudi Chambers announced the final formation of the Saudi-Nigerian Business Council in its founding session (1445-1449), designating Sultan bin Mahdi Al-Qahtani as Chairman of the Council, and Sultan bin Khalid Al-Turki and Nasser bin Abdulaziz Al-Sudais as Vice Presidents.

Chairman of the Saudi-Nigerian Business Council Sultan Al-Qahtani stated that Nigeria is one of the largest economic powers in Africa, with a GDP of about $477 billion in 2022. He noted that the formation of the Council aligns with the Kingdom’s aim to strengthen its economic relations with African countries and seek investment opportunities and new markets.

Al-Qahtani clarified that the volume of trade between the Kingdom of Saudi Arabia and Nigeria did not exceed 1.5 billion riyals. He emphasized the importance of increasing efforts and awareness of opportunities and markets in both countries, highlighting Nigeria’s promising opportunities in sectors such as services, tourism, transportation, logistics, finance, techn
ology, education, health, industry, and mining.

Source: Saudi Press Agency