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Saudi Arabia’s Pledge To Revamp Nigeria’s Refineries, Financial Support
President Tinubu thanked the Saudi leader for the proposed investments, and pledged
Saudi Arabia– The Kingdom of Saudi Arabia has announced a significant commitment to revamp Nigeria’s oil refineries and extend financial aid to bolster the country’s foreign exchange reforms.
The pledge was made during a bilateral meeting between Saudi Crown Prince Mohammed bin Salman and Nigerian President Tinubu at the sidelines of the Saudi-Africa Summit in Riyadh.
According to a statement released by the Minister of Information and National Orientation, Mohammed Idris, on November 11, the Saudi Crown Prince vowed to invest in the refurbishment of Nigeria’s refineries, a move aimed at enhancing the nation’s oil production capacity.
Saudi Arabia pledged financial support to sustain Nigeria’s ongoing foreign exchange reforms, indicating a collaborative effort to fortify the country’s economic stability.
‘’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 realize its full potential as the economic giant of Africa.”
The Minister added that 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 a two- to three-year timeframe. The Crown Prince also expressed appreciation to Nigeria for its active participation in, and support for OPEC.
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 Minister mentioned that 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.
