The Government of Saudi Arabia has pledged to invest in the revamp of Nigeria’s refineries and provide financial support to sustain the government’s foreign exchange reforms.
This was disclosed in a statement issued by the Minister of Information and National Orientation, Mohammed Idris, on Friday, November 10, 2023.
According to the statement, the Saudi Crown Prince, HRH Mohammed bin Salman, made the pledges at a bilateral meeting with President Tinubu on the sidelines of the Saudi-Africa Summit in Riyadh.
To support the Central Bank’s ongoing reforms of Nigeria’s foreign exchange regime, the Saudi Government will make available a substantial deposit of foreign exchange to boost Nigeria’s forex liquidity.
Prince bin Salman commended the economic reforms being implemented by President Tinubu. He expressed the commitment of the Saudi Government to supporting these reforms and enabling Nigeria to reap the full benefits.
In addition to these, Prince bin Salman also highlighted Agriculture and Renewable Energy as areas of investment interest for Saudi Arabia in Nigeria to help the country attain food and energy security, respectively.
The Crown Prince hinted that the refinery investments in Nigeria will be led by the Saudi state-owned oil company, Saudi Aramco, with the revamp to be completed within two to three years.
The Crown Prince also appreciated Nigeria’s active participation in and support for OPEC+.
