Saudi Arabia Sets to Invest in Nigerian Refineries

Saudi Crown Prince, Mohammed Bin Salman, and President Tinubu held a bilateral meeting during the Saudi-Africa Summit in Riyadh. According to a statement from Mohammed Idris, the Minister of Information and National Orientation, on Friday, the Saudi government pledged support for the ongoing reforms of the foreign exchange regime by the Central Bank of Nigeria. They promised to deposit a substantial amount of foreign exchange to enhance Nigeria’s forex liquidity.

Prince Bin Salman commended President Tinubu’s economic reforms and expressed Saudi Arabia’s commitment to support these reforms, helping Nigeria to realize its full potential as the economic giant of Africa. He stated Saudi Arabia’s eagerness to see Nigeria thrive under President Bola Tinubu.

Additionally, Prince Bin Salman identified Agriculture and Renewable Energy as Saudi Arabia’s areas of investment interest in Nigeria. The goal is to assist Nigeria in achieving food and energy security. The Crown Prince revealed that the Saudi state-owned oil company, Saudi Aramco, would lead the refinery investments in Nigeria, with completion expected within two to three years.

President Tinubu thanked the Saudi leader for the proposed investments, assuring judicious management and oversight. Both leaders committed to working together over the next six months to develop a comprehensive roadmap for the agreed investments and outcomes.

The leaders also discussed strengthening security cooperation to mitigate issues like terrorism, illegal migration, and other crises in Nigeria, West Africa, and the Sahel region. They explored enhancing existing economic and socio-cultural cooperation between Nigeria and Saudi Arabia, aiming to open new avenues in bilateral relations.

The bilateral meeting had key attendees, 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.

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