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Saudi Government Pledges to Invest in Nigeria's Refineries and to Support CBN

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Ochili Michael


Saudi Arabia commits to boosting Nigeria's forex liquidity and revitalizing its refineries, says Minister of Information and Communication

In a bilateral meeting between President Bola Tinubu and Saudi's Crown Prince HRH Mohammed bin Salman during the Saudi-Africa Summit in Riyadh, the Saudi Arabian government has promised to invest in the revamping of Nigeria's refineries, according to Minister of Information and Communication Mohammed Idris.

"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," stated Minister Idris. He further quoted Prince bin Salman as commending Tinubu for the economic reforms undertaken since his assumption of office about six months ago, expressing support for these reforms.

Furthermore, to support the ongoing reforms of Nigeria's foreign exchange regime by the Central Bank, the Saudi government has pledged to make a substantial deposit of foreign exchange, thereby boosting Nigeria's forex liquidity.

Apart from refinery investments, Prince bin Salman highlighted agriculture and renewable energy as areas of investment interest for Saudi Arabia in Nigeria. These investments aim to help Nigeria achieve food and energy security, respectively.

President Tinubu and Crown Prince bin Salman also discussed the need to strengthen security cooperation to tackle terrorism, illegal migration, and other crises in Nigeria, West Africa, and the Sahel region.
Additionally, the Crown Prince expressed his appreciation to Nigeria for its active participation in and support for OPEC+.

The Saudi government's commitment to investing in Nigeria's refineries and supporting its foreign exchange reforms is expected to significantly contribute to the country's economic growth and development. With the involvement of Saudi Aramco, the revamping of the refineries is anticipated to be
completed within the next two to three years, potentially boosting Nigeria's oil production capacity.

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