The Government of Saudi Arabia has pledged substantial investments aimed at revitalizing Nigeria’s refineries and supporting the reform initiatives of the Central Bank of Nigeria.
The announcement was made during a bilateral meeting between the Saudi Crown Prince, Mohammed bin Salman, and President Bola Tinubu on the sidelines of the Saudi-Africa Summit in Riyadh.
According to a press statement by the Minister of Information and National Orientation, Mohammed Idris, the Crown Prince conveyed Saudi Arabia’s commitment to lead refinery investments in Nigeria, with the renowned state-owned oil company, Saudi Aramco, spearheading the revamp.
The ambitious project is expected to be completed within a two- to three-year timeframe.
“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 a two- to three-year timeframe,“ the statement reads.
“The Crown Prince also expressed appreciation to Nigeria for its active participation in and support for OPEC+.
“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 and expressed the commitment of the Saudi Government to supporting these reforms and enabling Nigeria to reap the full benefits.
“According to him, Saudi Arabia is very eager to see Nigeria thrive under President Bola Tinubu and realise its full potential as the economic giant of Africa.”
President Tinubu, in response, expressed gratitude for the proposed investments and assured the Saudi leader of Nigeria’s commitment to prudent management and oversight.
He stated, “We will work together over the next six months to develop a comprehensive road map and blueprint to deliver on the agreed investments and outcomes.”
Furthermore, the statement said: “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.
“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 bilateral meeting was attended by key figures including 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.
