Saudi govt to invest in Nigeria’s refineries, support CBN’s FX reforms

Saudi Arabian government has pledged to invest in the revamp of Nigeria’s refineries, as well as provide financial support to sustain the foreign exchange reforms.

Saudi Crown Prince, Mohammed bin Salman, made the pledge at a bilateral meeting with President Bola Tinubu on the sidelines of the Saudi-Africa Summit in Riyadh, Saudi Arabia, on Friday.

To support the Central Bank of Nigeria’s ongoing reforms of the country’s foreign exchange regime, the Saudi Arabian government said it would make available a substantial deposit of foreign exchange to boost Nigeria’s forex liquidity.

Salman, in a statement issued by the Minister of Information and National Orientation, Mohammed Idris, commended the economic reforms being implemented by President Tinubu, and expressed the commitment of the Saudi Arabian government to supporting these reforms and enabling Nigeria to reap the full benefits.

READ ALSO: Tinubu woos Saudi Arabia investors: Your investments safe in Nigeria

According to him, Saudi Arabia is very eager to see Nigeria thrive under Tinubu, and realise its full potential as the economic giant of Africa.

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.

He added that the investment in Nigeria’s refineries would be led by the Saudi state-owned oil company, Saudi Aramco, with the revamp to be completed within a two to three-year timeframe.

On his part, Tinubu thanked the Saudi leader for the proposed investments, pledging that Nigeria would ensure judicious management and oversight.

The two leaders further 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.

The Star