The Federal Government has announced that the Saudi Arabian government has committed to investing in the revitalization of Nigeria’s refineries and supporting the reforms of the Central Bank of Nigeria.

The commitment was revealed in a press statement by the Minister of Information and National Orientation, Mohammed Idris.

During a bilateral meeting between Nigerian President Bola Tinubu and Saudi Crown Prince Mohammed bin Salman at the Saudi-Africa Summit in Riyadh, the Crown Prince assured that the refurbishment of Nigerian refineries would be spearheaded by the Saudi state-owned oil company, Saudi Aramco, with completion expected within a two- to three-year timeframe.

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Furthermore, the Saudi government pledged a substantial deposit of foreign exchange to enhance Nigeria’s forex liquidity, supporting the ongoing reforms of the Central Bank’s foreign exchange regime.

Crown Prince bin Salman commended President Tinubu for the economic reforms being implemented and expressed Saudi Arabia’s commitment to supporting these initiatives, envisioning Nigeria as the economic powerhouse of Africa.

President Tinubu, in response, thanked the Saudi leader for the proposed investments and assured that Nigeria would ensure judicious management and oversight.

He expressed the commitment to working together to develop a comprehensive roadmap for the agreed investments.

Security cooperation to address issues such as terrorism, illegal migration, and crises in Nigeria, West Africa, and the Sahel region was also discussed.

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The leaders explored areas of mutual interest, including agriculture and renewable energy, as potential investment opportunities for Saudi Arabia in Nigeria.

The bilateral meeting was attended by key officials, including the Minister of Foreign Affairs, Ambassador Yusuf Tuggar, Minister of Information and National Orientation, Mohammed Idris, Nigerian Ambassador to Saudi Arabia, Ambassador Yahaya Lawal, and the state Chief of Protocol, Ambassador Adekunle Adeleke.