Saudi Arabia has pledged to invest in the revamp of Nigeria’s refineries with full support for completion within a time frame of two to three years.
The Saudi Crown Prince, Mohammed bin Salman made this pledge at a bilateral meeting with President Bola Ahmed Tinubu on the sidelines of the Saudi-Africa Summit in Riyadh.
READ ALSO: Nigeria And Saudi Sign MoU On Energy Cooperation
He also hinted that the refinery investments in Nigeria would be led by the Saudi state-owned oil company, Saudi Aramco.
The kingdom also assured the Nigerian President of a substantial deposit of foreign exchange to boost Nigeria’s forex liquidity.
Saudi Arabia stated that the deposit would provide financial support for Nigeria to sustain the nation’s foreign exchange reforms.
The Crown Prince expressed his appreciation to Nigeria for its active participation and support for OPEC+.
READ ALSO: Nigeria, Saudi Arabia Begin Joint Action to Combat Boko Haram, ISWAP
In addition, Prince Bin Salman further commended the economic reforms being implemented by President Tinubu and expressed the commitment of the Saudi Government to supporting the 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.”
The bilateral meeting was attended by the Minister of Foreign Affairs, Ambassador Yusuf Tuggar, Minister of Information and National Orientation, Mohammed Idris, Nigerian Ambassador to Saudi Arabia, Yahaya Lawal and the state Chief of Protocol, Ambassador Adekunle Adeleke.
