In a significant development, Saudi Arabia has pledged support to Nigeria by providing foreign exchange to bolster the ongoing forex reforms led by the Central Bank of Nigeria (CBN). Additionally, the oil-rich nation has committed to investing in the overhaul of Nigeria’s refineries.
The commitment came during a bilateral meeting between the Crown Prince of Saudi Arabia, HRH Mohammed bin Salman, and President Bola Tinubu on the sidelines of the Saudi-Africa Summit in Riyadh. The announcement was conveyed in a statement by the Minister of Information and National Orientation, Alhaji Mohammed Idris Malagi.
Crown Prince Salman expressed admiration for the economic reforms initiated by President Tinubu and affirmed Saudi Arabia’s commitment to supporting these reforms to enable Nigeria to realize its full economic potential. To facilitate the ongoing forex reforms, Saudi Arabia promised to make a substantial deposit of foreign exchange, aiming to enhance Nigeria’s forex liquidity.
Highlighting specific areas of interest for investment, Prince Salman identified agriculture and renewable energy. Furthermore, he disclosed that the refinery investments in Nigeria would be spearheaded by the Saudi state-owned oil company, Saudi Aramco, with the refurbishment expected to be completed within a two- to three-year timeframe.
President Tinubu expressed gratitude for the proposed investments and assured that Nigeria would ensure judicious management and oversight. Both leaders pledged to collaborate over the next six months to formulate a comprehensive roadmap for the agreed investments and outcomes.
The meeting also addressed the importance of strengthening security cooperation to address challenges such as terrorism and illegal migration, not only in Nigeria but across West Africa and the Sahel region. The bilateral discussions included key officials such as the Minister of Foreign Affairs, Ambassador Yusuf Tuggar, and the Nigerian Ambassador to Saudi Arabia, Ambassador Yahaya Lawal, among others.
