Saudi Arabia Commits Significant Forex Deposit to Boost Nigeria’s Economy

The Government of Saudi Arabia has pledged to invest in the revamping of Nigeria’s refineries, as well as provide financial support to sustain the government’s foreign exchange reforms.

Saudi Crown Prince, Mohammed bin Salman, made these pledges at a bilateral meeting with President Bola Tinubu on the sidelines of the Saudi-Africa Summit in Riyadh.

According to a statement by the minister of information, Mohammed Idris, on Friday, Saudi Arabia promised to support the Central Bank of Nigeria’s ongoing reforms of Nigeria’s foreign exchange regime with the Saudi Government making available a substantial deposit of foreign exchange to boost Nigeria’s forex liquidity.

Prince Bin Salman 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 was very eager to see Nigeria thrive under President Tinubu, and realise its full potential as the economic giant of Africa.

In addition to these, Prince Bin Salman also highlighted Agriculture and Renewable Energy as areas of investment interests 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 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 roadmap and blueprint to deliver on the agreed investments and outcomes.

Also, President Tinubu and Crown Prince bin Salman spoke on the need to strengthen security cooperation to mitigate terrorism, illegal migration and other crises, not just in Nigeria, but across West Africa and the Sahel region.

The two leaders further discussed existing economic and socio-cultural cooperation between Nigeria and Saudi Arabia, and agreed to open new vistas in bilateral relations.

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, Amb Yahaya Lawal, and the state Chief of Protocol, Ambassador Adekunle Adeleke.

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