Saudi Govt Vows To Invest In Nigeria’s Refineries, Support CBN- FG

The Minister of Information and Communication, Mohammed Idris, announced that the Saudi Arabian government, following a meeting between President Bola Tinubu and Saudi’s Crown Prince Mohammed bin Salman, has committed to investing in the refurbishment of Nigeria’s non-operational refineries.

Additionally, they pledged financial support to sustain the government’s foreign exchange reforms after a bilateral meeting during the Saudi-Africa Summit in Riyadh.

“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,” he said.

“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 statement added.

The minister relayed that Prince bin Salman praised Tinubu for the economic reforms implemented during his approximately six-month tenure, expressing full support for these initiatives.


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