The Government of Saudi Arabia has committed to investing in the revamp of Nigeria’s refineries and providing financial support to sustain the government’s foreign exchange reforms.
This pledge was made by the Saudi Crown Prince, HRH Mohammed bin Salman, during a bilateral meeting with President Tinubu on the sidelines of the Saudi-Africa Summit in Riyadh, according to a statement issued by the Minister of Information and National Orientation, Mohammed Idris, on Friday.
The meeting was attended by key officials, including the Minister of Foreign Affairs, Ambassador Yusuf Tuggar, Minister of Information and National Orientation, Mohammed Idris, Nigerian Ambassador to Saudi Arabia, Ambassador Yahaya Lawal, and the state Chief of Protocol, Ambassador Adekunle Adeleke.
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As part of its support for the Central Bank’s ongoing reforms of Nigeria’s foreign exchange regime, Saudi Arabia will deposit a substantial amount of foreign exchange to boost Nigeria’s forex liquidity.
Prince bin Salman praised the economic reforms being implemented by President Tinubu and expressed the Saudi Government’s commitment to supporting these reforms for the benefit of Nigeria.
In addition to financial support, the Crown Prince identified Agriculture and Renewable Energy as areas of investment interest for Saudi Arabia in Nigeria. These investments aim to contribute to Nigeria’s food and energy security.
Prince bin Salman revealed that the refinery investments in Nigeria would be led by the Saudi state-owned oil company, Saudi Aramco, with the revamp expected to be completed within two to three years.
President Tinubu, in response, expressed gratitude for the proposed investments and assured the Saudi leader of Nigeria’s commitment to judiciously managing and overseeing the projects. Both leaders pledged to collaborate over the next six months to develop a comprehensive roadmap and blueprint to deliver on the agreed investments and outcomes.
The bilateral meeting also touched upon the need to strengthen security cooperation to address issues such as terrorism, illegal migration, and other crises in Nigeria, West Africa, and the Sahel region. President Tinubu and Crown Prince bin Salman discussed existing economic and socio-cultural cooperation between the two nations and agreed to explore new opportunities for bilateral relations.
The leaders emphasized the importance of collaboration in achieving shared economic and security objectives.
However, the statement failed to provide a timeline for the execution of the bilateral agreements, particularly regarding the kingdom’s pledge to deposit a significant fund to support Nigeria’s foreign exchange reforms. There is considerable anticipation for the outcomes of the Nigerian government’s initiatives to address the country’s forex crisis, making Saudi Arabia’s commitment a subject of public interest.