The Federal Government of Nigeria has announced that the Kingdom of Saudi Arabia has committed to investing in the revitalisation of Nigeria’s refineries and supporting the reform initiatives of the Central Bank of Nigeria.
The commitment was disclosed in a press statement issued by the Minister of Information and National Orientation, Mohammed Idris, on Friday, News About Nigeria reports.
According to the statement, the Saudi Crown Prince, Mohammed bin Salman, made these pledges during a bilateral meeting with Nigerian President Bola Tinubu on the sidelines of the Saudi-Africa Summit in Riyadh.
The Crown Prince revealed that Saudi Aramco, the state-owned oil company, would lead the refinery investments in Nigeria, with the revamping expected to be completed within a two- to three-year timeframe.
In addition to the refinery investments, the Saudi Government has pledged to deposit a substantial amount of foreign exchange to support Nigeria’s forex liquidity, aligning with the Central Bank’s ongoing reforms of the country’s foreign exchange regime.
Expressing appreciation for Nigeria’s active participation and support for OPEC+, Prince bin Salman commended President Tinubu for the economic reforms being implemented and reiterated Saudi Arabia’s commitment to supporting these reforms for Nigeria to achieve its full economic potential.
President Tinubu, in response, thanked the Saudi Crown Prince for the proposed investments and assured him of Nigeria’s commitment to judiciously manage and oversee the initiatives.
Both leaders agreed to work collaboratively over the next six months to develop a comprehensive roadmap and blueprint to ensure the success of the agreed-upon investments.
During the bilateral meeting, discussions also touched on the need to strengthen security cooperation to address challenges such as terrorism, illegal migration, and other crises in Nigeria, West Africa, and the Sahel region.
The leaders explored opportunities to expand existing economic and socio-cultural cooperation between Nigeria and Saudi Arabia, identifying Agriculture and Renewable Energy as potential areas of investment interest to enhance food and energy security in Nigeria.
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.
