In a significant development, the Government of Saudi Arabia has committed to investing in the revitalization of Nigeria’s refineries and providing crucial financial support for the government’s foreign exchange reforms. This transformative announcement was made during a bilateral meeting between the Saudi Crown Prince, HRH Mohammed bin Salman, and President Tinubu on the sidelines of the Saudi-Africa Summit in Riyadh.
As outlined in a statement by the Minister of Information and National Orientation, Mohammed Idris, on November 10, 2023, the Saudi Crown Prince pledged substantial support for Nigeria’s forex liquidity. This commitment is poised to reinforce the ongoing reforms by Nigeria’s Central Bank to strengthen the foreign exchange regime.
The Saudi Crown Prince not only commended President Tinubu for the commendable economic reforms but also expressed the Saudi Government’s unwavering commitment to supporting these initiatives, ensuring Nigeria reaps the full benefits. Beyond financial aid, Prince bin Salman identified Agriculture and Renewable Energy as key sectors for Saudi Arabian investments in Nigeria, aiming to contribute significantly to the nation’s food and energy security.
In a game-changing move, Saudi Aramco, the Saudi state-owned oil company, will spearhead the investment in revamping Nigeria’s refineries. The Crown Prince projected completion within two to three years, underlining the determination to enhance Nigeria’s energy landscape. Additionally, he expressed gratitude for Nigeria’s active participation in and support for OPEC+. These substantial commitments mark a new chapter in the strategic partnership between Saudi Arabia and Nigeria, holding immense promise for the economic advancement of both nations.
