Saudi Arabia eyes major imports from Nigeria as economic partnerships expand

NIGERIA – Nigeria is poised to become a significant supplier of red meat and soybeans to Saudi Arabia, with the Kingdom expressing interest in importing 200,000 tonnes of red meat and one million tonnes of soybeans annually. 

This development, announced by Nigeria’s Agriculture Minister Mohammad Abubakar on Thursday, signals a strategic move by Nigeria to bolster its foreign exchange reserves amidst a severe dollar shortage that has adversely affected its economy and devalued the naira.

In recent years, Nigeria has been striving to diversify its export portfolio beyond its traditional oil and gas sectors. 

The interest from Saudi Arabia follows a visit by the Kingdom’s agriculture minister, who engaged with Nigerian agribusiness leaders, prompting a swift response and an official expression of interest from the Saudi side.

Abubakar highlighted the government’s proactive steps, stating, “We have developed a comprehensive roadmap to meet and sustain this demand.” 

This move aligns with Nigeria’s broader economic strategy to enhance non-oil exports and mitigate the impacts of global oil market fluctuations.

The Nigerian meat industry, in particular, has shown promising growth.

In 2024, the meat market’s revenue is projected to reach US$40.74 billion, with an anticipated annual growth rate of 12.01% from 2024 to 2029. 

This positions Nigeria as a notable player in the global meat market, where the highest revenue is currently generated by China, with a staggering US$273 billion expected in 2024. 

On a per capita basis, the Nigerian meat market is expected to generate $177.80 in revenue in 2024.

Looking ahead, the volume of the Nigerian meat market is projected to reach 4.86 billion kilograms by 2029, with a 6.0% volume growth anticipated in 2025. 

The average meat consumption per person in Nigeria is estimated to be 17.9 kilograms in 2024, reflecting the sector’s robust expansion and potential to meet international demands.