FG announces Saudi investment in Nigeria’s refineries

Nigeria’s refineries will get a makeover from Saudi Arabia, which also pledged to back up the country’s forex reforms with financial aid.

This was the outcome of a meeting between President Bola Ahmed Tinubu and the Saudi Crown Prince, HRH Mohammed bin Salman, on the margins of the Saudi-Africa Summit in Riyadh.

The statement issued by the Minister of Information and National Orientation, Mohammed Idris, said that the Saudi government will provide a hefty deposit of foreign exchange to help Nigeria maintain its forex liquidity and support the Central Bank’s efforts to reform the forex regime.

The Crown Prince lauded the economic reforms initiated by Tinubu and assured him of Saudi Arabia’s support to enable Nigeria to reap the benefits.

He said that Saudi Arabia is keen to see Nigeria prosper under Tinubu’s leadership and achieve its potential as Africa’s economic powerhouse.

The Crown Prince also expressed interest in investing in agriculture and renewable energy in Nigeria to help the country secure food and energy supplies.

The two leaders agreed to work together in the next six months to develop a detailed plan and framework to deliver on the agreed investments and outcomes.

They also discussed the need to enhance security cooperation to tackle terrorism, illegal migration, and other challenges, not only in Nigeria but also in West Africa and the Sahel region.