In a significant diplomatic and economic development, the Saudi Government has committed to providing a "substantial" foreign exchange deposit to enhance Nigeria's forex liquidity. Mohammed Idris, the Minister of Information and National Orientation, announced the pledge following a bilateral meeting between Saudi Crown Prince Mohammed bin Salman and President Bola Tinubu at the Saudi-Africa summit in Riyadh.
Idris highlighted that the deposit aims to support ongoing forex reforms by the Central Bank of Nigeria (CBN). Additionally, Saudi Arabia expressed its commitment to assisting Nigeria in refurbishing its refineries. The Crown Prince praised President Tinubu's economic reforms, emphasizing Saudi Arabia's dedication to supporting Nigeria's growth.
Salman revealed that Saudi Aramco, the state-owned oil company, will lead the refinery investments in Nigeria, with completion anticipated within a two- to three-year timeframe. The Crown Prince expressed gratitude for Nigeria's active participation in OPEC+ and outlined Saudi Arabia's investment interests in Nigerian agriculture and renewable energy.
President Tinubu welcomed the proposed investments, assuring prudent management and oversight. Both leaders pledged to collaborate over the next six months to develop a comprehensive roadmap for the agreed-upon investments. The bilateral meeting also addressed security cooperation to counter terrorism, illegal migration, and crises in West Africa and the Sahel region. The leaders committed to strengthening existing economic and socio-cultural cooperation, opening new avenues in the bilateral relationship.
Present at the meeting were Minister Idris, Minister of Foreign Affairs Yusuf Tuggar, Nigerian Ambassador to Saudi Arabia Yahaya Lawal, and State Chief of Protocol Adekunle Adeleke. The developments underscore the potential for enhanced economic collaboration between Saudi Arabia and Nigeria
