Saudi Arabia commits to backing CBN’s forex reforms and overhauling Nigeria’s refinery

Saudi Arabia commits to backing CBN's forex reforms and overhauling Nigeria's refinery
Saudi Arabia commits to backing CBN's forex reforms and overhauling Nigeria's refinery

In a recent bilateral engagement between President Tinubu and Saudi Arabia’s Crown Prince, HRH Mohammed Bin Salman, the government of Saudi Arabia has pledged its support for the ongoing reforms initiated by the Central Bank of Nigeria.

Saudi Arabia aims to assist Nigeria in the overhaul of its existing refineries through its state-owned oil company, Aramco.

A statement from the Minister of Information and National Orientation, Muhammed Idris, revealed the details of the discussions.

The Saudi Crown Prince lauded the recent reforms undertaken by the CBN and expressed a commitment to supporting Nigeria in various sectors.

To reinforce the Central Bank’s efforts in reforming Nigeria’s foreign exchange regime, the Saudi government pledged a significant deposit of foreign exchange to enhance the country’s forex liquidity.

Prince Bin Salman not only praised the economic reforms led by President Tinubu but also affirmed Saudi Arabia’s dedication to supporting these initiatives, aiming to help Nigeria fully realize the benefits of its economic potential as the leading powerhouse in Africa.

The Saudi leader expressed eagerness to witness Nigeria thrive under President Bola Tinubu’s leadership.

The Crown Prince committed to assisting Nigeria in agriculture, renewable energy, and the oil industry.

Saudi Arabia plans to collaborate with Nigeria to achieve food and energy security, with a specific focus on revamping Nigeria’s refinery within a timeline of two to three years.

The statement highlighted that Saudi Aramco, the state-owned oil company, will lead the refinery investments in Nigeria.

The leaders of both nations agreed to formulate a comprehensive roadmap to guide the development initiatives discussed during their meeting.