The Federal Government has said that the Government of the Kingdom of Saudi Arabia has pledged to invest in revamping the countrys refineries to get them working and reforming the Central Bank of Nigeria, (CBN).
According to a press statement by the Minister of Information and National Orientation, Mohammed Idris, on Friday, the pledges were made by the Saudi Crown Prince, Mohammed bin-Salman, at a bi-lateral meeting with President Bola Tinubu on the sidelines of the Saudi-Africa Summit in Riyadh.
The duo met on the sidelines of the Saudi-Africa Summit in Riyadh, Mohammed said, in the statement.
The statement read in part: To support the Central Banks ongoing reforms of Nigerias foreign exchange regime, the Saudi Government will make available a substantial deposit of foreign exchange to boost Nigerias forex liquidity.
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 added.
The Minister quoted Prince bin-Salman as commending Tinubu for the economic reforms undertaken since his assumption of office about six months ago.
The bi-lateral meeting was attended by Nigerias Minister of foreign affairs, Yusuf Tuggar Idris; Nigerian Ambassador to Saudi Arabia, Yahaya Lawal and the State Chief of Protocol, Adekunle Adeleke.
