The Government of Saudi Arabia has pledged to invest in the revamp of Nigeria’s refineries, as well as provide financial support to sustain President Bola Tinubu’s government on its foreign exchange reforms.
Saudi Crown Prince, Mohammed bin Salman, made the pledge at a bilateral meeting with President Tinubu on the sidelines of the Saudi-Africa Summit in Riyadh.
This is contained in a statement signed by the Minister of Information and National Orientation, Mohammed Idris, and made available to News Agency of Nigeria on Friday in Abuja. Mr Idris said that 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.
“Bin Salman commended the economic reforms being implemented by President Tinubu, and expressed the commitment of the Saudi Government to supporting these reforms, and enabling Nigeria to reap the full benefits.
“Saudi Arabia is very eager to see Nigeria thrive under President Bola Tinubu, and realize 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 interest for Saudi Arabia, in Nigeria, to help the country attain food and energy security, respectively.