CBN reforms are supported by Saudi promises to invest in Nigerian refineries.
Saudi Arabia’s government has promised to invest in the modernization of Nigeria’s refineries. It also implies a willingness to provide financial assistance to support the government’s commitment to reform foreign exchange.
At a private meeting with President Bola Tinubu on the sidelines of the Saudi-Africa Summit in Riyadh, Saudi Crown Prince Mohammed bin Salman made these commitments. Mr. Muhammad Idris, Saudi Arabia’s Minister of Information and National Orientation, announced this in a statement on Thursday in Riyadh.
He explained that the Saudi government would make a considerable deposit of foreign exchange to boost Nigeria’s forex liquidity in order to assist the Central Bank’s ongoing reforms of Nigeria’s foreign exchange policy.
He stated Prince Salman praised Tinubu’s economic changes and expressed the Saudi government’s commitment to supporting these reforms in order for Nigeria to reap the full advantages.
According to him, Saudi Arabia is keen to see Nigeria succeed under Tinubu and reach its full potential as Africa’s economic powerhouse.
Saudi Arabia will invest in agricultural and renewable energy, according to Salman, to help the kingdom achieve food and energy security.
The Crown Prince stated that the Saudi state-owned oil giant, Saudi Aramco, will lead the investment in Nigeria’s refinery.
He promised that the renovation of the refineries will be finished within two to three years. The Crown Prince also thanked Nigeria for its strong involvement in and support for OPEC+.
Tinubu congratulated Saudi King Salman for the proposed investments and promised that Nigeria will ensure prudent administration and control.
The two leaders decided to collaborate for the next six months to create a detailed road map and blueprint to deliver on the agreed-upon investments and outcomes.
Tinubu and Salman also discussed the importance of strengthening security cooperation to combat terrorism, illegal migration, and other challenges not only in Nigeria but throughout West Africa and the Sahel area.
The two leaders also addressed Nigeria and Saudi Arabia’s existing economic and socio-cultural cooperation and decided to expand bilateral relations.
The Minister of Foreign Affairs, Amb. Yusuf Tuggar; the Minister of Information and National Orientation, Mohammed Idris; the Nigerian Ambassador to Saudi Arabia, Amb. Yahaya Lawal; and the State Chief of Protocol, Amb. Adekunle Adeleke attended the bilateral meeting.