Saudi Arabia promise forex liquidity as Saudi Aramco plans to lead investments in Nigeria refinery

Saudi government pledges to boost Nigeria's Forex Liquidity, revamp refineries     

The Saudi Government will make available a substantial deposit of foreign exchange to boost Nigeria’s forex liquidity.  

Saudi Crown Prince Mohammed bin Salman made the pledge at a bilateral meeting with Nigeria's President Bola Ahmed Tinubu in Riyadh Friday.

Prince 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

Saudi Arabia also pledged to invest in the revamp of Nigeria’s refineries. 

The meeting between Prince bin Salman and President Bola Ahmed Tinubu came on the  sidelines of the Saudi-Africa Summit in Riyadh.   

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.   

The Crown Prince also expressed appreciation to Nigeria for its active participation in, and support for OPEC+.   

President Tinubu thanked the Saudi leader for the proposed investments, and pledged that Nigeria would ensure judicious management and oversight. The two leaders vowed to work together over the next six months to develop a comprehensive road-map and blueprint to deliver on the agreed investments and outcomes.