Saudi Arabian Government agrees to invest in Nigeria’s refineries and support foreign exchange reforms

The Saudi Arabian government has committed to investing in the overhaul of Nigeria’s refineries and supporting the nation’s foreign exchange reforms. Saudi Crown Prince Mohammed bin Salman made these pledges during a bilateral meeting with President Tinubu at the Saudi-Africa Summit in Riyadh. In addition to endorsing Nigeria’s economic reforms, the Crown Prince expressed Saudi Arabia’s eagerness to see Nigeria prosper under President Bola Tinubu.

The Saudi government will deposit a substantial amount of foreign exchange to boost Nigeria’s forex liquidity as part of the Central Bank’s ongoing reforms. The proposed refinery investments, led by Saudi Aramco, are expected to be completed within two to three years. President Tinubu thanked the Saudi leader and pledged judicious management of the proposed investments.

Both leaders committed to developing a comprehensive roadmap for the agreed investments over the next six months. They also discussed strengthening security cooperation to address issues like terrorism and illegal migration in Nigeria, West Africa, and the Sahel region.