Saudi Arabia to Invest in Nigeria’s Refineries, Support CBN with FX Deposit

Saudi Arabia to Invest in Nigeria’s Refineries, Support CBN with FX Deposit

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+.

According to the statement, President Tinubu thanked the Saudi leader for the proposed investments and pledged that Nigeria would ensure judicious management and oversight. The two leaders vowed to work together over the next six months to develop a comprehensive road map and blueprint to deliver on the agreed investments and outcomes.

Also, President Tinubu and Crown Prince bin Salman spoke on the need to strengthen security cooperation to mitigate terrorism, illegal migration and other crises, not just in Nigeria but across West Africa and the Sahel region.

The two leaders further discussed existing economic and socio-cultural cooperation between Nigeria and Saudi Arabia and agreed to open new vistas in bilateral relations.

The bilateral meeting was attended by the Minister of Foreign Affairs, Ambassador Yusuf Tuggar, Minister of Information and National Orientation, Mohammed Idris, Nigerian Ambassador to Saudi Arabia, Ambassador Yahaya Lawal and the state Chief of Protocol, Ambassador Adekunle Adeleke.

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