Saudi government has promised to support Nigeria’s Central Bank reforms and also assist to revamp Nigeria’s local refineries through its state-owned oil company, Aramco.
This was announced by Muhammed Idris, the Minister of Information and National Orientation, in a statement on Friday.
Idris said that the deal was sealed during a bilateral engagement between President Tinubu and Saudi Arabia’s leader, the Kingdom’s leader, Crown Prince Mohammed Bin Salman.
The statemen reads: “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. According to him, Saudi Arabia is very eager to see Nigeria thrive under President Bola Tinubu, and realize 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.”
