Saudi Pledges Investment in Nigeria's Refineries

Also to Support CBN Reforms.
Saudi Crown Prince Mohammed bin Salman with  President Bola Tinubu
Saudi Crown Prince Mohammed bin Salman with President Bola TinubuNAN

The Saudi Arabia Government has pledged investment in the revamping of Nigeria’s refineries.

It also pledges to provide financial support to sustain the government’s determination of reforming the foreign exchange.

Saudi Crown Prince Mohammed bin Salman made these pledges at a bilateral meeting with President Bola Tinubu on the sidelines of the Saudi-Africa Summit in Riyadh.

The Minister of Information and National Orientation, Muhammad Idris, revealed this in a statement on Thursday in Riyadh, Saudi Arabia.

He explained that to support the Central Bank’s ongoing reforms of Nigeria’s foreign exchange regime, the Saudi Government would make available a substantial deposit of foreign exchange to boost Nigeria’s forex liquidity.

He noted that Salman applauded the economic reforms of Tinubu, expressing the commitment of the Saudi Government to supporting these reforms in order for Nigeria to reap the full benefits.

Idris hinted that Saudi Arabia is very eager to see Nigeria thrive under Tinubu, and realize its full potential as the economic giant of Africa.

Salman also highlighted Agriculture and Renewable Energy as areas where Saudi Arabia would invest to help the country attain food and energy security.

The Crown Prince said that the investment in Nigeria`s refinery would be led by the Saudi state-owned oil company, Saudi Aramco.

He gave the assurance that the revamping of the refineries would be completed within a two- to three-year timeframe.

Consequently, the Crown Prince also expressed appreciation to Nigeria for its active participation in and support for OPEC+.

President Tinubu thanked the Saudi leader for the proposed investments, and pledged that Nigeria would ensure judicious management and oversight.

The two leaders vowed to work together over the next six months to develop a comprehensive road-map and blueprint to deliver on the agreed investments and outcomes.

Also, Tinubu and Salman spoke on the need to strengthen security cooperation to mitigate terrorism, illegal migration and other crises, not just in Nigeria, but across West Africa and the Sahel region.

The two leaders also discussed existing economic and socio-cultural cooperation between Nigeria and Saudi Arabia, and agreed to open new vistas in bilateral relations.

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