The government of Saudi Arabia has committed to funding the refurbishment of Nigeria’s refineries and continuing the country’s foreign currency reforms. These assurances were conveyed by Saudi Crown Prince Mohammed bin Salman during a private meeting with President Tinubu in Riyadh, separate from the Saudi-Africa Summit.
As part of this commitment, the Saudi government will supply a substantial foreign exchange deposit to bolster the Central Bank’s ongoing efforts to reform Nigeria’s foreign exchange regulations and enhance the country’s forex liquidity.
Prince bin Salman praised the economic reforms implemented by President Tinubu and affirmed Saudi Arabia’s dedication to supporting these initiatives, aiming to help Nigeria fully realize its economic potential as the leading powerhouse in Africa.
Moreover, Prince bin Salman identified agriculture and renewable energy as sectors of interest for Saudi Arabian investment in Nigeria, with the goal of promoting food and energy security. He disclosed that the Saudi state-owned oil company, Saudi Aramco, would lead the refinery investments in Nigeria, with the renovation expected to be completed within a two-to-three-year timeframe.
Expressing gratitude for Nigeria’s active role in and support for OPEC+, the Crown Prince and President Tinubu emphasized the importance of strengthening security cooperation to address issues such as terrorism, illegal migration, and other crises not only within Nigeria but across West Africa and the Sahel region.
President Tinubu conveyed appreciation for the proposed investments and assured the Saudi leader of Nigeria’s commitment to diligent management and oversight. The two leaders pledged to collaborate over the next six months to formulate a comprehensive roadmap for delivering on the agreed-upon investments and outcomes.
Additionally, President Tinubu and the Crown Prince discussed enhancing security cooperation, economic collaboration, and socio-cultural ties between Nigeria and Saudi Arabia, aiming to explore new opportunities in their bilateral relations.