A s Nigeria seeks funds to address its economy in recession, economic and political analysts suggest that president Muhammadu Buhari should be able to raise several billions in soft loans from the oil-rich kingdom.
Nigeria is in one of its best relationship statuses with the kingdom as exemplified by recent visits by Nigeria’s president and northern governors to the kingdom as well as similar visits by kingdom emissaries to Nigeria.
Nigeria’s president also also signed-up the nation with the Saudi coalition against terror, which should position the nation at the Royals’ favor as concerns loans.
Further more, in an interview on Al-Jazeera TV, President Buhari when questioned on whether he will opt out of OPEC due to Saudi Arabia unilaterally reducing the price of oil to the detriment of poorer and solely oil-dependent nation’s like Nigeria, the president enthusiastically responded that he will stand by Saudi Arabia and not pull out of OPEC.
The Buhari government is grappling with a deadly recession and there is mass discontent in the land with people suffering and dying of starvation. Experts say that this is a time for Buhari and Nigeria’s northern governors to use their leverage in the Arab world to bring fortune to Nigeria.
“The kingdom did not help Nigeria against Boko Haram, they did not even utter a word against the terrorists as they razed a heavily populated Muslim area of one of Africa’s largest nations and destroyed our economy and the image of Islam. This is a time for the Saudi’s to do something for Nigeria,” an analyst said.
“The Arab nations are blessed with a lot of wealth. It should not only be the western nations that Nigeria seels aid from,” another expert said. Continuing that he felt very positive nigeria could get money from Saudi Arabia based on Buhari’s tight bonds and commitements.
It has been observed that Nigeria’s relationship with the Arab world is typically not harnessed. It is hoped that President Buhari will source the needed billions from the Muslim kingdom.