The Saudi Arabian government has made a commitment to funnel funds towards the modernization of Nigeria’s refineries. Additionally, it has offered financial assistance to support the foreign exchange reforms initiated by President Bola Tinubu’s administration.
The pledge was made by Mohammed bin Salman, the crown prince of Saudi Arabia, during a bilateral meeting that took place alongside Mr. Tinubu at the Saudi-Africa Summit in Riyadh.
The statement, endorsed by Mohammed Idris, the minister of information and national orientation, was disclosed to the press on Friday in Abuja.
In order to bolster Nigeria’s foreign exchange liquidity and support the Central Bank’s ongoing reforms of the country’s foreign exchange regime, the Saudi Government will provide a significant deposit of foreign exchange, according to Mr Idris.
President Tinubu’s economic changes have been praised by Bin Salman, who has pledged Saudi Arabia’s backing for them so that Nigeria may realise their full potential.
“With the realisation of its complete economic potential as the economic powerhouse of Africa, Saudi Arabia is extremely optimistic about Nigeria’s progress under President Bola Tinubu.”
To assist Nigeria in achieving food and energy security, Prince Bin Salman also mentioned agriculture and renewable energy as areas of investment interest for Saudi Arabia.
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“The Crown Prince alluded to the fact that Saudi Aramco, the state-owned oil company of Saudi Arabia, will oversee the refinery investments in Nigeria; the renovation is expected to be finished within a period of two to three years.”
Mr Idris added, “The Crown Prince also thanked Nigeria for its active support and participation in OPEC+.”
Additionally, the minister elaborated that President Tinubu expressed gratitude to the Saudi leader for the suggested investments and assured that Nigeria would guarantee prudent administration and supervision.
Moreover, he stated that the two leaders had sworn to develop a comprehensive road map and blueprint to deliver on the agreed-upon investments and outcomes within the next half-year.
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To reduce the effects of terrorism, illegal migration, and other challenges in Nigeria the rest of West Africa and the Sahel area, President Tinubu and Prince Bin Salman discussed the need to bolster security cooperation.
“Additionally, the two leaders deliberated on social and cultural ties that are already in place between Saudi Arabia and Nigeria, and they reached a consensus to explore fresh avenues for bilateral relations,” Mr Idris stated.
Yusuf Tuggar, the Nigerian minister of foreign affairs, Idris, Yahaya Lawal, the Nigerian ambassador to Saudi Arabia, and Adekunle Adeleke, the state chief of protocol, all attended the bilateral meeting.
