Saudi Crown Prince Mohammed bin Salman has announced Saudi Arabia’s commitment to invest in the rehabilitation of Nigeria’s refineries and provide financial support to sustain the country’s foreign exchange reforms. The pledges were made during a bilateral meeting with President Bola Tinubu at the Saudi-Africa Summit in Riyadh.
To bolster Nigeria’s forex liquidity, the Saudi Government plans to deposit a substantial amount of foreign exchange in support of the Central Bank’s ongoing reforms. Prince bin Salman praised President Tinubu’s economic reforms and affirmed Saudi Arabia’s dedication to assisting Nigeria in realizing its full economic potential.
In addition to refinery investments, Prince bin Salman identified Agriculture and Renewable Energy as sectors of interest for Saudi Arabia to invest in, aiming to enhance food and energy security in Nigeria.
The Crown Prince revealed that Saudi Aramco, the state-owned oil company, would lead the refinery investments, with the refurbishment expected to be completed within two to three years.
President Tinubu expressed gratitude for the proposed investments and assured prudent management. Both leaders committed to developing a comprehensive roadmap over the next six months to ensure the success of the agreed-upon investments.
The discussions also touched on the need for strengthened security cooperation to address issues such as terrorism and illegal migration in Nigeria, West Africa, and the Sahel region.
The bilateral meeting was attended by key officials, including the Minister of Foreign Affairs, Ambassador Yusuf Tuggar, and Minister of Information and National Orientation, Mohammed Idris.