On the sidelines of the Saudi-Africa Summit in Riyadh, the Crown Prince of Saudi Arabia, HRH Mohammed bin Salman, has announced Saudi Arabia’s commitment to investing in the revitalization of Nigeria’s refineries and supporting the Central Bank’s ongoing foreign exchange reforms. The pledge came during a bilateral meeting with President Bola Tinubu.
To fortify Nigeria’s foreign exchange regime, the Saudi Government plans to provide a substantial deposit of foreign exchange, enhancing the country’s forex liquidity. Prince bin Salman commended President Tinubu for the economic reforms being implemented and expressed Saudi Arabia’s commitment to supporting these initiatives, aiming to help Nigeria realize its full economic potential.
Saudi Arabia also identified Agriculture and Renewable Energy as key areas of interest for investment in Nigeria, with a focus on achieving food and energy security. The Saudi state-owned oil company, Saudi Aramco, is set to lead the refinery investments in Nigeria, aiming to complete the revamp within a two- to three-year timeframe.
Prince bin Salman expressed gratitude to Nigeria for its active participation in and support for OPEC+. President Tinubu, in turn, thanked the Saudi leader for the proposed investments and assured judicious management and oversight. The two leaders pledged to collaborate over the next six months to develop a comprehensive roadmap for the agreed investments.
During the meeting, security cooperation was also discussed, with a focus on mitigating terrorism, illegal migration, and other crises in Nigeria, West Africa, and the Sahel region. The leaders emphasized the need to strengthen bilateral relations, exploring new opportunities in economic and socio-cultural cooperation.
The bilateral meeting included the attendance of key officials, 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. The discussions underscored the mutual commitment of both nations to enhancing economic cooperation and addressing regional challenges.