Mohammed Namadi Sambo, Vice President of the Federal Republic of Nigeria, has met with HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, chairman of Kingdom Holding and the richest man in Arab world, in the Kingdom Centre, Riyadh to discuss the furthering of foreign investment in Nigeria.

At the meeting, Sambo, described the recent economic strides forward in Nigeria, including the privatisation of the power sector and the opportunities that currently abound in the development of gas infrastructure, particularly given the government’s stated aims to invest $1billion in the sector.

His media advisor, Mallam Umar Sani, also highlighted the VP’s briefing of the business mogul on current developments in various upstream and downstream areas of the country’s industrial economy, and particularly in the development of marginal fields, refineries, chemicals and fertilisers.

Prince Alwaleed most recently invested in Nigeria in 2011, putting $50m into First Hydrocarbon Nigeria, established in 2009 to capitalise on Nigeria’s upstream oil and gas opportunities, through Kingdom’s Pan African Investment Partners II (PAIP II) fund.

VP Sambo also commended the Prince on his global investment efforts as well as his philanthropic contributions through the Alwaleed Bin Talal Foundation, a charity chaired by the Prince that gave $200,000 towards a 2011 programme aimed at eradicating parasitic worms in Nigeria.

Prince Alwaleed visited the Federal Republic of Nigeria earlier this year and was warmly welcomed by President Goodluck Jonathan at the Presidential Palace to discuss various socio-economic and philanthropic issues as well as Prince Alwaleed investment in Nigeria.

Further sectors under discussion were the transport sector, where Nigeria is looking to construct deep sea ports, railways, roads in public private partnerships, dams for irrigation, and industrial framework for mining, steel and automobiles, as well as Halal meat.

The men more broadly discussed issues related to bi-lateral relations, trade and investment conditions between Saudi Arabia and Nigeria, and the elements that would need to be put in place to provide an enabling business environment for foreign investor participation in the country.

Also highlighted was the Nigerian Government’s Centenary City, a 1,000-hectare private sector-driven smart city development that will be located to the southeast of Abuja, and the country’s plans for regional routes connecting Lagos to Benin, Togo, Ghana and Cote D’Ivoire.