The King of Saudi Arabia has committed to investing in Nigeria’s refineries and endorsing the reforms initiated by the Central Bank of Nigeria, according to the Federal Government.

Saudi Arabia has committed to investing in the refurbishment of Nigeria’s refineries and providing financial assistance to support the government’s foreign exchange reforms. This pledge was made by Saudi Crown Prince HRH Mohammed bin Salman during a bilateral meeting with President Tinubu at the Saudi-Africa Summit in Riyadh, as announced in a statement by the Minister of Information and National Orientation, Mohammed Idris.

In his remarks, Prince bin Salman expressed admiration for the economic reforms implemented by President Tinubu and affirmed the Saudi Government’s dedication to supporting these initiatives. He emphasized the eagerness to witness Nigeria prosper under President Bola Tinubu, realizing its full potential as the economic powerhouse of Africa.

To bolster Nigeria’s foreign exchange liquidity, the Saudi Government pledged a substantial deposit in line with the ongoing reforms by the Central Bank. Prince bin Salman identified Agriculture and Renewable Energy as investment areas, emphasizing their significance for Nigeria’s food and energy security.

The Crown Prince disclosed that Saudi Aramco, the state-owned oil company, would lead the refinery investments in Nigeria, with the revitalization expected to be completed within a two- to three-year timeframe. Prince bin Salman also expressed gratitude for Nigeria’s active participation and support for OPEC+.

President Tinubu, in response, expressed gratitude for the proposed investments and assured diligent management and oversight. Both leaders committed to collaborating over the next six months to develop a comprehensive roadmap for the agreed investments and outcomes.

Security cooperation to address terrorism, illegal migration, and other crises in Nigeria, West Africa, and the Sahel region was a focal point in the discussions. The leaders also deliberated on strengthening existing economic and socio-cultural cooperation between Nigeria and Saudi Arabia, aiming to expand bilateral relations.

The bilateral meeting was attended by key officials, including the Minister of Foreign Affairs, Ambassador Yusuf Tuggar, Minister of Information and National Orientation, Mohammed Idris, Nigerian Ambassador to Saudi Arabia, Ambassador Yahaya Lawal, and the state Chief of Protocol, Ambassador Adekunle Adeleke.