Saudi Arabia to invest in Nigeria’s refineries – FG
The government of Saudi Arabia has promised to invest in the revamping of Nigeria’s refineries, as well as provide financial support to sustain the government’s foreign exchange reforms.
Saudi Crown Prince, HRH Mohammed bin Salman, made these pledges at a bilateral meeting with President Bola Ahmed Tinubu on the sidelines of the Saudi-Africa Summit in Riyadh.
The Saudi Government said it will make available a substantial deposit of foreign exchange to boost Nigeria’s forex liquidity to support the Central Bank’s ongoing reforms of Nigeria’s foreign exchange regime.
Prince bin Salman, according to a statement yesterday by the Minister of Information and National Orientation, Mohammed Idris, commended the economic reforms being implemented by Tinubu.
He 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 Tinubu, and realise its full potential as the economic giant of Africa.
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 two leaders vowed to work together over the next six months to develop a comprehensive roadmap 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.