Saudi Govt to Invest in Nigeria’s Refineries – FG

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Minister of Information and Communication Mohammed Idris claims that the Saudi Arabian government has committed to funding the renovation of Nigeria’s refineries.

Of the three refineries in Nigeria, none are now in operation. Even though it was put into service earlier this year, the Dangote Refinery has not yet started to run.

But according to the minister, the government of the Arab country “has pledged to invest in the revamp of Nigeria’s refineries, as well as provide financial support to sustain the government’s foreign exchange reforms” after a bilateral meeting between President Bola Tinubu and Saudi Crown Prince HRH Mohammed bin Salman.

As per Mohammed’s statement released late on Friday, they had a meeting in Riyadh during the Saudi-African Summit.

According to him, “To support the Central Bank’s ongoing reforms of Nigeria’s foreign exchange regime, the Saudi Government will make available a substantial deposit of foreign exchange to boost Nigeria’s forex liquidity.”

Speaking further: “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.”

Prince bin Salman, cited by the ministry, praised Tinubu for the economic reforms he has carried out since taking office approximately six months ago.

“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,” minister of information stated.

Nigeria’s significant engagement in and support of OPEC+ was also acknowledged by the Crown Prince.

Also discussing the need to improve security cooperation to lessen terrorism, illegal migration, and other challenges not only in Nigeria but also throughout West Africa and the Sahel region, President Tinubu and Crown Prince bin Salman talked during the meeting.

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