Saudi Arabia to invest in Nigeria’s refineries, support CBN
President Bola Tinubu and the Crown Prince of Saudi Arabia
By Collins Yakubu-Hammer
Abuja, Nov. 10, 2023
The Government of Saudi Arabia has pledged to invest in the revamp of Nigeria’s refineries, as well as provide financial support to sustain President Bola Tinubu’s government on its foreign exchange reforms.
Saudi Crown Prince, Mohammed bin Salman made the pledge at a bilateral meeting with President Tinubu on the sidelines of the Saudi-Africa Summit in Riyadh.
This is contained in a statement signed by the Minister of Information and National Orientation, Alhaji Mohammed Idris and made available to News Agency of Nigeria (NAN) on Friday in Abuja.
Idris said that 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.
“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.
“Saudi Arabia is very eager to see Nigeria thrive under President Bola Tinubu, and realize 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 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+,” Idris said.
The Minister also explained that President Tinubu thanked the Saudi leader for the proposed investments, and pledged that Nigeria would ensure judicious management and oversight.
He added that the two leaders vowed to work together within the next six months to develop a comprehensive road-map and blueprint to deliver on the agreed investments and outcomes.
“Also, President Tinubu and 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,” Idris said.
The bilateral meeting was attended by Nigeria’s Minister of Foreign Affairs, Yusuf Tuggar, Idris, Nigerian Ambassador to Saudi Arabia, Yahaya Lawal and the State Chief of Protocol, Adekunle Adeleke.