S’Arabia to invest in Nigeria’s refineries, support forex reforms

Tinubu and Crown Prince of Saudi

The Government of Saudi Arabia on Friday announced plans to invest in the rehabilitation of Nigerian refineries.

The Kingdom also said it was ready to support Nigeria’s foreign exchange reforms through a substantial deposit aimed at enhancing the country’s forex liquidity.

The commitments were made during a bilateral meeting between Saudi Crown Prince, Mohammed bin Salman Al Saud, and President Bola Tinubu at the Saudi-Africa Summit in Riyadh.

Nigeria’s Minister of Information and National Orientation, Mohammed Idris, disclosed this in a statement he signed on Friday titled ‘Saudi government to invest in Nigeria’s refineries, support Central Bank reforms.’

Crown Prince bin Salman, who lauded President Tinubu’s economic reforms, pledged Saudi Arabia’s backing in ensuring that Nigeria achieves its potential as Africa’s leading economy.

He also identified Agriculture and Renewable Energy as potential sectors for investment, contributing to Nigeria’s food and energy security.

These announcements were further underlined by the Prince’s revelation that Saudi Aramco, the kingdom’s state-owned oil entity, will lead the refinery investment efforts.

The project’s completion is targeted within a two-to-three-year period, promising a significant boost to Nigeria’s refinery capabilities.

Moreover, the Crown Prince acknowledged Nigeria’s role and partnership within OPEC+, expressing gratitude for its consistent support.

On his part, President Tinubu expressed his gratitude for Saudi Arabia’s proposed investments and reforms support.

He assured the Saudi leader of Nigeria’s commitment to prudent management and strict oversight of the investments.

The two leaders also agreed to collaborate closely over the next six months to create a detailed road-map and blueprint to actualise the agreed investments and initiatives.

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