Saudi Arabia to Invest in Nigeria’s Refineries, Support Forex Reforms
The Government of Saudi Arabia has announced on Friday its intentions to invest in the rehabilitation of Nigerian refineries.
The Kingdom also expressed readiness to support Nigeria’s foreign exchange reforms by making a substantial deposit to enhance the country’s forex liquidity.
These commitments, as gathered by Excel Magazine International, were discussed during a bilateral meeting at the Saudi-Africa Summit in Riyadh between Saudi Crown Prince Mohammed bin Salman Al Saud and President Bola Tinubu.
According to Nigeria’s Minister of Information and National Orientation, Mohammed Idris, who signed a statement titled ‘Saudi government to invest in Nigeria’s refineries, support Central Bank reforms,’ Crown Prince bin Salman praised President Tinubu’s economic reforms and pledged Saudi Arabia’s support in realizing Nigeria’s potential as Africa’s leading economy.
The Crown Prince identified Agriculture and Renewable Energy as potential sectors for investment, contributing to Nigeria’s food and energy security.
Highlighting these announcements, the Crown Prince revealed that Saudi Aramco, the kingdom’s state-owned oil entity, will spearhead the refinery investment efforts.
The project aims for completion within a two-to-three-year period, promising a substantial enhancement to Nigeria’s refinery capabilities.
In addition to expressing gratitude for Nigeria’s consistent support within OPEC+, the Crown Prince acknowledged Nigeria’s role and partnership.
President Tinubu, in turn, conveyed his appreciation for Saudi Arabia’s proposed investments and reforms support, assuring the Saudi leader of Nigeria’s commitment to prudent management and strict oversight of the investments.
The two leaders concluded their meeting by agreeing to collaborate closely over the next six months to create a detailed road map and blueprint for the realization of the agreed-upon investments and initiatives.
