By Udeme Akpan
Saudi Arabia has concluded plans to invest $100 billion in India, Nigeria’s major oil importer, thus threatening future importation from the country.
The moves by Saudi Arabia, the 14th largest country in the world, covering around two million square kilometres, making it the second largest OPEC member country with a population of over 32 million, is said to be aimed at capturing the entire Asian market for its oil.
The opening up of new markets is expected to enable Saudi Arabia that also possesses around 18 per cent of the world’s proven petroleum reserves generate adequate foreign exchange for its development.
In its recent report, Organisation of Petroleum Exporting Countries, OPEC, stated: “The oil and gas sector accounts for about 50 per cent of gross domestic product, and about 70 per cent of export earnings. Apart from petroleum, the Kingdom’s other natural resources include natural gas, iron ore, gold, and copper.”
Meanwhile, providing details about the planned investment, Crown Prince of Saudi Arabia, Mohammed bin Salman stated: “The investment covers projects in areas such as energy, refining, petrochemicals, infrastructure, agriculture, and manufacturing. Saudi expects the opportunities targeted in the various areas to exceed $100 billion dollars in the coming two years.”