Saudi Arabia Vows to Invest in Nigeria’s Refineries and Boost Forex Liquidity

Nigeria is set to receive a substantial boost as Saudi Arabia pledges to invest in the revitalization of the country’s refineries and provide financial support for ongoing foreign exchange reforms.

The commitment was made by Saudi Crown Prince, HRH Mohammed bin Salman, during a bilateral meeting with President Bola Ahmed Tinubu at the Saudi-Africa Summit in Riyadh.

The Saudi government plans to make a significant deposit of foreign exchange to enhance Nigeria’s forex liquidity, supporting the Central Bank’s efforts to reform the nation’s foreign exchange regime.

Prince bin Salman commended President Tinubu’s economic reforms and expressed Saudi Arabia’s dedication to supporting these initiatives for Nigeria’s economic prosperity.

In addition to financial support, the Crown Prince identified agriculture and renewable energy as investment areas of interest.

Saudi Arabia aims to contribute to Nigeria’s food and energy security. Notably, the investment in refinery revamping will be spearheaded by the Saudi state-owned oil company, Saudi Aramco, with completion anticipated within two to three years.

During the meeting, both leaders emphasised the importance of security cooperation to address challenges like terrorism and illegal migration in Nigeria, West Africa, and the Sahel region.

Tinubu expressed gratitude for the proposed investments and assured judicious oversight.

The discussions underscored existing economic and socio-cultural cooperation between the two nations, paving the way for enhanced bilateral relations.

The leaders agreed to collaborate on a comprehensive roadmap over the next six months to realise the mutually agreed-upon investments and objectives.

Attended by key officials including the Minister of Foreign Affairs, Ambassador Yusuf Tuggar, and the Nigerian Ambassador to Saudi Arabia, Amb Yahaya Lawal, the meeting signifies a promising chapter in the partnership between Nigeria and Saudi Arabia.

As both nations chart new territories of collaboration, the prospect of economic growth and shared development becomes increasingly palpable.

Source: Daily Trust Newspaper