Saudi Arabia expresses interest in Nigerian red meat and soybeans

Saudi Arabia has shown interest in importing 200,000 tonnes of red meat and one million tonnes of soybeans annually from Nigeria, according to Nigerian Agriculture Minister Abubakar Kyari.

Kyari mentioned that Nigeria is seeking trade partnerships to earn foreign exchange due to severe dollar shortages impacting its economy and causing the naira to hit record lows.

Nigeria aims to diversify its exports beyond the oil and gas sectors to promote non-oil exports and protect its economy from oil price fluctuations.

The interest from Saudi Arabia followed a visit by the Kingdom’s agriculture minister to Nigeria, where he met with the country’s agribusiness entrepreneurs. “Shortly thereafter, … they sent an expression of interest. We have come out with the roadmap where we can supply and satisfy that demand,” Kyari stated.

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