“Saudi Arabia Commits to Major Investments in Nigeria: Refinery Revamp and Central Bank Reforms on the Horizon”
In a significant development, the Federal Government has announced that the Government of Saudi Arabia has pledged substantial investments in the overhaul of Nigeria’s refineries and the reform of the Central Bank. This announcement was conveyed in a press statement by the Minister of Information and National Orientation, Mohammed Idris, as reported by SPRINGNEWS Online on Friday.
The commitment from the Saudi Crown Prince, Mohammed bin Salman, was revealed during a bilateral meeting with President Bola Tinubu on the sidelines of the Saudi-Africa Summit in Riyadh.
According to the statement, the Crown Prince hinted that the revitalization of Nigeria’s refineries would be spearheaded by the Saudi state-owned oil company, Saudi Aramco, with the renovation expected to be completed within a two- to three-year timeframe. Bin Salman also expressed gratitude for Nigeria’s active participation in and support for OPEC+.
In a bid to support the Central Bank’s ongoing reforms of Nigeria’s foreign exchange regime, the Saudi Government pledged a substantial deposit of foreign exchange to enhance Nigeria’s forex liquidity.
Prince bin Salman commended the economic reforms implemented by President Tinubu, expressing the Saudi Government’s commitment to supporting these initiatives and enabling Nigeria to fully reap the benefits. He conveyed Saudi Arabia’s eagerness to witness Nigeria thrive under President Bola Tinubu and attain its full potential as the economic giant of Africa.
President Tinubu, in response, thanked the Saudi leader for the proposed investments and assured that Nigeria would ensure judicious management and oversight. He stated, “We will work together over the next six months to develop a comprehensive roadmap and blueprint to deliver on the agreed investments and outcomes.”
The statement further detailed discussions between President Tinubu and Crown Prince bin Salman on the imperative to strengthen security cooperation, not only in Nigeria but across West Africa and the Sahel region. The leaders explored existing economic and socio-cultural cooperation, agreeing to explore new avenues in bilateral relations.
In addition to the announced investments, Prince bin Salman highlighted Agriculture and Renewable Energy as areas of interest for Saudi Arabia’s investment in Nigeria, aiming to contribute to food and energy security.
The bilateral meeting, attended by key officials 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, marks a significant milestone in the growing partnership between the two nations.