President Muhammadu Buhari will on Monday depart Abuja, Nigeria’s capital, for Riyadh, Saudi Arabia, to attend the third edition of the Future Investment Initiative (FII).
Concise News reports that the Nigerian leader is leaving the country three days after returning from Sochi where he attended the Russia-Africa Economic Summit.
Buhari’s media aide Garba Shehu said that the event was organised by Saudi’s Public Investment Fund (PIF).
The event themed, `What’s Next for Global Business?’ holds from October 29 to October 31, and would focus on three key pillars: Sustainable Future, Technology for Good and Advanced Society.
The president;’s media aide also said that the three-day event would be held under the patronage of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz of Saudi Arabia, and chaired by Crown Prince Mohammed bin Salman bin Abdulaziz.
This news medium understands that the Crown Prince is also the Deputy Premier, Chairman of the Council of Economic and Development Affairs and PIF.
”Given the increased investor confidence in Nigeria’s 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,” a statement from Shehu read.
”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 delegation, he said, would 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.
”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,” he said.
According to the organisers, 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.
Over 4,000 delegates from at least 90 countries are expected to participate in the FII 2019, which will also host 12 workshops on different topics including cities, energy, climate, health, data, mobility, food, travel, sports, shopping and youth.
Buhari will be accompanied by Governors Babagana Zulum of Borno State, Abubakar Bagudu of Kebbi and Aminu Masari of Katsina State.
Others are the 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.
The National Security Adviser, Major General Babagana Monguno (rtd), Director-General, National Intelligence Agency, Ambassador Ahmed Rufa’i Abubakar, and the Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Mele Kolo Kyari, are also part of the delegation.