Saudi Arabia to invest in Nigeria’s refineries

The Saudi Arabian government on Friday promised to invest in Nigeria’s four refineries to get them working again.

The Saudi Crown Prince, Mohammed bin Salman, gave the assurance at a bilateral meeting with President Bola Tinubu in Riyadh.

President Tinubu is currently attending the Saudi-Africa Summit in Riyadh.

Bin Salman, according to a statement issued by the Minister of Information and National Orientation, Mohammed Idris, said the investments would be led by the Saudi state-owned oil company, Aramco.

He added that the rehabilitation of the refineries would last between two and three years.

The statement read: “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 Crown Prince also expressed appreciation to Nigeria for its active participation in and support for OPEC+.

READ ALSO: Tinubu assures Saudi Arabian business owners on safety of investments in Nigeria

“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 realise its full potential as the economic giant of Africa.

Also, President Tinubu and Crown Prince bin Salman spoke on the need to strengthen security cooperation to mitigate terrorism, illegal migration, and other crises, not just in Nigeria but across West Africa and the Sahel region.

“The two leaders further discussed existing economic and socio-cultural cooperation between Nigeria and Saudi Arabia and agreed to open new vistas in bilateral relations.

“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.”

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