The government of Saudi Arabia has promised to support the reforms being implemented by the Central Bank of Nigeria and also revamp Nigeria’s existing refineries through its state-owned oil company, Aramco during a bilateral engagement between President Tinubu and the Kingdom’s leader, Crown Prince, HRH Mohammed Bin Salman.
This was disclosed in a statement signed by the Minister of Information and National Orientation, Muhammed Idris.
According to the statement, the Saudi Crown Prince commended the recent reforms by the CBN and also promised to support Nigeria in other areas.
It stated, “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.”
- “Prince 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. According to him, Saudi Arabia is very eager to see Nigeria thrive under President Bola Tinubu, and realize its full potential as the economic giant of Africa.”
Agriculture, and renewable energy development
Beyond that, the Kingdom’s leader also made a commitment to support Nigeria in areas of agriculture, renewable energy and the oil industry with plans to revamp Nigeria’s refinery within three years.
The statement read, “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.”
“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.”
The two leaders committed to fashioning out a roadmap to develop discussed during the meeting.
We ve had our feel of Mobil and Shell. Hopefully, Aramco will more suitable and beneficial to Nigeria’s economic growth
Who do you think are the technical people at Aramco? Saudis?! LMAO…
We Nigerians/Africans can often be like toddlers, fascinated by any new shiny toy that comes along.
Saudi to revamp our refineries???
What happened to the South Korean company Buhari Govt engaged to revamp the refineries with over $1.5Billion project? We are waiting and watching APC and their brouhaha 🤣🤣🤣
Under what condition please -is it to turn Nigeria into a Sharia state?
We are hoping and praying that this engagement will be a beneficial to Nigeria and Nigerians, Ameen
The oil industry is a strategic one to any nation, economic, political and social. Where is Nigeria in all these. With Saudi Armaco in relation to Nigeria. A sale out? We must watch our back, every business is not business. Nigeria should not be sold out.