According to the Federal Government, the Government of Saudi Arabia has promised to overhaul the Central Bank of Nigeria and invest in Nigeria’s ailing refineries.
According to a press release sent by Mohammed Idris, Minister of Information and news obtained by our correspondent on Friday, this is the case.
The Saudi Crown Prince, Mohammed bin Salman, reportedly made the promises to President Bola Tinubu at a bilateral meeting on the margins of the Saudi-Africa Summit in Riyadh, as reported by Idris.
According to the announcement, the Saudi state-owned oil corporation Saudi Aramco would be in charge of the refinery investments in Nigeria, and the renovations are expected to be finished in two to three years.
The Crown Prince also thanked Nigeria for its contribution to and backing of OPEC+.
“To support the Central Bank’s ongoing reforms of Nigeria’s foreign currency policy, the Saudi Government would make available a considerable deposit of foreign exchange to increase Nigeria’s forex liquidity.
“Prince bin Salman praised President Tinubu’s economic reforms and reaffirmed the Saudi government’s commitment to supporting them so that Nigeria can realise their full potential.
He claims that Saudi Arabia is keen to see Nigeria succeed under President Bola Tinubu and become the economic powerhouse of Africa.
Jerrymusa.com reports that at the same time, Tinubu expressed gratitude to the Saudi leader for the proposed investments and assured him that Nigeria would exercise prudent management and oversight.
He added, “We will work together over the next six months to develop a comprehensive road map and blueprint to deliver on the agreed investments and outcomes.”
“Also, President Tinubu and Crown Prince Bin Salman discussed the need to strengthen security cooperation to mitigate terrorism, illegal migration, and other crises across Nigeria, West Africa, and the Sahel region,” the statement continued.
A new chapter in bilateral ties was agreed upon after the two presidents discussed and expanded upon the current economic and socio-cultural cooperation between Nigeria and Saudi Arabia.
To help Nigeria achieve food and energy security, Prince bin Salman also mentioned agriculture and renewable energy as areas of investment interest for Saudi Arabia.
Minister of Information and National Orientation Mohammed Idris, Nigeria’s Ambassador to Saudi Arabia Yahaya Lawal, and State Chief of Protocol Ambassador Adekunle Adeleke all participated in the bilateral meeting.