Skip to main content

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



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.

.

                 SolarForAll:
To get an efficient Solar system anywhere in Nigeria; with 25 years warranty and “Pay Small Small” for up to two years, call/chat Solar For All Ltd: 08060266163.
Visit: SolarForAll.ng 
(Abuja) Suite A8, Kenuj O2 Mall, Behind Games Village.
(Lagos) No 113A, Mainland Way, Dolphin Estate, Ikoyi.
(Enugu State)-Ehalumona Junction. 

Published from Blogger Prime Android App
Log in to primsol.lawpavilion.com and enjoy the best E-journals, textbooks, and many more To subscribe to Primsol, go to:  store.lawpavilion.com.
For further enquiries/assistance, send an email to customercare@lawpavilion.com or phone call: 08050298729


Comments

Post a Comment

Drop your comment here.

Popular posts from this blog

STATEMENT BY THE CHAIRMAN, NBA ABUJA BRANCH (UNITY BAR)

NBA ABUJA BRANCH CONDEMNS THE ARREST, HARASSMENT AND DETENTION OF LAWYERS IN THE COURSE OF PROFESSIONAL DUTIES The Nigerian Bar Association, Abuja Branch (Unity Bar), strongly condemns the arrest, handcuffing, harassment and detention of *Mr. Simon Eromosele, Esq.*, a member of the NBA Abuja Branch (Unity Bar), on the 14th of August, 2026, while carrying out his legitimate professional duties as Counsel. From the account presented to the Branch, Mr. Eromosele was at the OPay office in Jabi, Abuja, to follow up on a formal request made on behalf of his client concerning debit restrictions placed on the client’s OPay account, and to seek disclosure of the legal basis for the restriction, including the production of any court order purportedly authorising it. Rather than being permitted to complete that professional engagement, Mr. Eromosele was reportedly arrested, handcuffed and taken first to the Utako Police Station and subsequently to the IG Monitoring Unit at Force Headq...
Post a Comment
Find more important articles here

NBA Anaocha Branch Honours Okey Wali, SAN with Hall Naming Recognition.

NBA Anaocha Branch Names Hall After Okey Wali, SAN The (NBA), Anaocha Branch (Family Bar), has resolved to name its main meeting hall after the 26th President of the Association, . This decision was reached during the Branch’s monthly general meeting, where members unanimously approved the naming of the hall as “Hon. Okey Wali, SAN Hall of Honour.” The honour is in recognition of Okey Wali, SAN’s outstanding contributions to the legal profession, as well as his enduring support and commitment to the growth and unity of the Nigerian Bar, particularly the Anaocha Branch. According to the Branch, the resolution reflects deep appreciation for his legacy of service, leadership, and dedication to the advancement of justice and the rule of law. The formal naming and commissioning of the hall will take place during the Branch’s 2026 Law Week , scheduled to commence on May 8, 2026 . The event is expected to attract members of the Bar, senior advocates, and key stakeholders wi...
Post a Comment
Find more important articles here

NBA Abuja Branch Vice Chairman Secures Release of Two Inmates After Three Years in Custody

In a significant human rights intervention, the Vice Chairman of the Nigerian Bar Association (NBA), Abuja Branch (Unity Bar), and Chairman of the Branch Human Rights Committee, Ikemefuna Onyeka, Esq., has facilitated the release of two Inmates, Bali Joshua and Paul Sunday, who had been in custody since 2023 in connection with an alleged homicide. Upon assuming office on 31st July 2026, Ikemefuna Onyeka, Esq. was briefed on the prolonged detention of the two individuals, whose matter had remained unresolved for more than three years. Although the Human Rights Committee of the Branch had not yet been formally inaugurated, the Vice Chairman immediately took steps to address the matter, demonstrating an early commitment to the protection of fundamental human rights and access to justice. Following his intervention, Dr. Amin Abdulhaleem, Esq. and Joseph Okolo, Esq. were engaged to commence appropriate legal proceedings for the enforcement of the inmates’ fundamental rights. The...
Post a Comment
Find more important articles here