The Saudi Arabian government has promised to finance the renovation of Nigerias refineries and to continue the governments foreign currency (FX) reforms.
These promises were made by Saudi Crown Prince Mohammed bin-Salman during a private meeting with President Tinubu in Riyadh, outside the Saudi-Africa Summit.
The Saudi government would provide a sizeable foreign exchange deposit to support the Central Banks ongoing reforms of Nigerias foreign exchange regulation and increase Nigerias 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 realise 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 time frame. He also expressed appreciation to Nigeria for its active participation in and support for OPEC+.
Also, President Tinubu and the Crown Prince spoke on the need to strengthen security cooperation to mitigate terrorism, illegal migration, and other crises, not just in Nigeria, but across West Africa and the Sahel region.
The two leaders further discussed existing economic and socio-cultural cooperation between Nigeria and Saudi Arabia and agreed to open new vistas in bi-lateral relations.
