• The Saudi Arabian government has pledged its support for the ongoing reforms initiated by the Central Bank of Nigeria.
• It also committed to rejuvenating the country’s existing refineries in collaboration with its state-owned oil company, Aramco.
• Additionally, the Crown Prince of Saudi Arabia has pledged support to Nigeria in agriculture, renewable energy, and the oil industry.

The Saudi Arabian government has pledged its support for the ongoing reforms initiated by the Central Bank of Nigeria, and also committed to rejuvenating the country’s existing refineries in collaboration with its state-owned oil company, Aramco.

This commitment was reached at a bilateral meeting between Nigerian President Bola Tinubu and Saudi Crown Prince Mohammed bin Salman on the sidelines of the Saudi-Africa summit in Riyadh.

This was revealed in a statement signed by the Minister of Information and National Orientation, Muhammed Idris.

“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,” the statement read.

In addition, the Saudi government, via Saudi Aramco, will make investments in the renovation of Nigeria’s four ailing state-owned refineries, with the anticipated completion of the project within two to three years.

Saudi Crown Prince Mohammed Bin Salman praised President Tinubu’s economic reforms, expressing Saudi Arabia’s commitment to supporting these efforts for Nigeria’s full benefit.

Under President Tinubu’s leadership, Nigeria has implemented several economic reforms, including the removal of a popular petrol subsidy and the streamlining of the country’s multiple exchange rates.

Salman stressed Saudi Arabia’s eagerness to witness Nigeria’s success under President Bola Tinubu and its realization of its full potential as the economic giant of Africa.

Additionally, the Crown Prince of Saudi Arabia has pledged support to Nigeria in agriculture, renewable energy, and the oil industry. Plans include the revitalization of Nigeria’s refinery within a three-year timeframe.

Per the statement “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,” the statement read.

Source: Business Insider Africa