Saudi Arabian government says it would start investing and try to revamp Nigeria’s refineries as well as provide financial support to sustain the government’s foreign exchange reforms.
This development was made known by Saudi Crown Prince Mohammed bin Salman at a bilateral meeting with President Tinubu on the sidelines of the Saudi-Africa Summit in Riyad
To support the Central Bank’s ongoing reforms of Nigeria’s foreign exchange regime, the Saudi government will make available a substantial deposit of foreign exchange to boost Nigeria’s forex liquidity.
Prince bin Salman commended the economic reforms being implemented by President Tinubu and expressed the commitment of the Saudi government to supporting these reforms and enabling Nigeria to reap the full benefits.
He said that Saudi Arabia is very eager to see Nigeria thrive under President Bola Tinubu’s administration and realise its full potential as the economic giant of Africa.
In addition to these, Prince bin 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, respectively.
The Crown Prince hinted that the refinery investments in Nigeria will be led by the Saudi state-owned oil company, Saudi Aramco, with the revamp to be completed within a two-to-three-year timeframe.