Home News Saudi Government To Partner Nigeria On Refineries, Central Bank Reforms

Saudi Government To Partner Nigeria On Refineries, Central Bank Reforms

Saudi Government To Partner Nigeria On Refineries, Central Bank Reforms

Princess-Ekwi Ajide  Abuja

The Government of Saudi Arabia says it will make available a substantial deposit of foreign exchange to boost Nigeria’s forex liquidity and invest in the revamp of the country’s refineries.

Saudi Crown Prince, Mohammed bin Salman who pledged these at a bilateral meeting with President Bola Tinubu on the sidelines of the Saudi-Africa Summit in Riyadh, commended the economic reforms being implemented by President Tinubu, and expressed the commitment of the Saudi Government to supporting them.

According to Prince bin Salman supporting the Central Bank of Nigeria’s ongoing reforms of Nigeria’s foreign exchange regime, would enable Nigeria to reap full benefits and Saudi Arabia is very eager to see Nigeria thrive under President Tinubu, and realize its full potential as the economic giant of Africa.

 The Saudi Crown Prince, also highlighted Agriculture and Renewable Energy as areas of investment interest for Saudi Arabia in Nigeria, so as to help the country attain food and energy security, respectively.

He hinted that the refinery investments in Nigeria will be led by the Saudi state-owned oil company, Saudi Aramco, and the revamp would be completed within a two- to three-year timeframe and expressed appreciation to Nigeria for its active participation in, and support for OPEC+.

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

The duo 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 just as they both spoke on the need to strengthen security cooperation to mitigate terrorism, illegal migration and other crises, in West Africa and the Sahel region as a whole.

A statement signed by the Minister of Information and National Orientation, Mohammed Idris, said the two leaders further discussed existing economic and socio-cultural cooperation between their countries, and agreed to open new vistas in bilateral relations.

The statement listed attendees to the bilateral meeting to include the Minister of Foreign Affairs, Ambassador Yusuf Tuggar, and the Nigerian Ambassador to Saudi Arabia, Yahaya Lawal.

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