Saudi Arabia has promised to invest in the revamp of Port Harcourt, Warri and Kaduna refineries.
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Control TV reports that Saudi Crown Prince, HRH Mohammed bin Salman also pledged to provide financial support to sustain the government’s foreign exchange reforms.
The Saudi Crown Prince made the pledge at a bilateral meeting with President Bola Tinubu on the sidelines of the Saudi-Africa Summit in Riyadh.
The Minister of Information and National Orientation, Mohammed Idris disclosed this in a statement on Friday.
The Saudi government, while also pledging support for the Central Bank of Nigeria’s ongoing reforms of foreign exchange regime, promised to make available a substantial deposit of foreign exchange to boost Nigeria’s forex liquidity.
Prince bin Salman commended the economic reforms being implemented by President Bola Tinubu, and expressed the commitment of the Saudi Government to supporting these reforms, and enabling Nigeria to reap the full benefits.
He explained Saudi Arabia’s eagerness to see Nigeria realise its full potential as the economic giant of Africa.
In addition to these, Prince bin Salman highlighted Agriculture and Renewable Energy as areas of investment interest for Saudi Arabia, in Nigeria, noting that this will help the country attain food and energy security.
The Saudi government 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 years timeframe.
The Crown Prince also expressed appreciation to Nigeria for its active participation in, and support for OPEC+.
President Tinubu appreciated 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.
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, Ambassador Yahaya Lawal and the state Chief of Protocol, Ambassador Adekunle Adeleke.
(C)ControlTV2023.
