Saudi Arabia to invest in Nigeria’s refineries

The Saudi government has committed to funding the modernization of Nigeria’s refineries and maintaining the country’s foreign exchange reforms.

During a bilateral discussion with Nigerian President Tinubu on the margins of the Saudi-Africa Summit in Riyad, Saudi Crown Prince Mohammed bin Salman made these promises.

The Saudi government has pledged to make a sizable deposit of foreign exchange to increase forex liquidity in Nigeria in support of the Central Bank’s ongoing reforms of Nigeria’s foreign exchange regime.

Prince bin Salman praised President Tinubu’s economic reforms, saying that the Saudi government is committed to supporting them and helping Nigeria realize their full potential.

He claimed that the Saudi government was keen to see Nigeria prosper under President Bola Tinubu and become the economic powerhouse of Africa.

To help Nigeria achieve food and energy security, Prince bin Salman also mentioned agriculture and renewable energy as areas of investment interest for Saudi Arabia.

The Saudi state-owned oil corporation, Saudi Aramco, would reportedly spearhead the investments in Nigeria’s refineries, and the renovations are expected to be finished in two to three years, as suggested by the Crown Prince.

The crown prince also thanked Nigeria for its support of its participation in OPEC+.

In response to the Saudi leader’s planned investments, Nigerian President Tinubu expressed gratitude and assured him that the country would exercise prudent management and control. Both leaders committed to working closely together over the next six months to create a detailed plan for implementing the agreed-upon investments and achieving the desired results.

The need to increase security cooperation to reduce terrorism, illegal migration, and other issues was also discussed between President Tinubu and the Crown Prince, an issue that affects not only Nigeria but the rest of West Africa and the Sahel.

The two presidents also talked about the ongoing economic and cultural exchanges between their countries and decided to take their relations to a whole new level.