FG: Saudi Arabia to support CBN with ‘substantial’ FX deposit, invest in Nigeria’s refineries

Saudi Government says it will provide a “substantial” deposit of foreign exchange to boost Nigeria’s forex liquidity, as a show of support for the ongoing forex reforms by the Central Bank of Nigeria (CBN).

Mohammed Idris, the minister of information and national orientation, said this in a statement on Friday, November 10, 2023.

Idris said Mohammed bin Salman, Saudi Crown Prince, made the pledge on the sidelines of the Saudi-Africa summit in Riyadh, during a bilateral meeting with President Bola Tinubu.

“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,” Idris said.

Also, the minister said Saudi Arabia pledged to assist Nigeria in revamping its refineries.

Idris said: “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 realize its full potential as the economic giant of Africa.”

Idris said Salman 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+,” he said.

He said Salman revealed that Saudi Arabia’s investment interests in Nigeria are agriculture and renewable energy, which will lead to the attainment of food and energy security.

Idris said Tinubu showed appreciation for the proposed investments, promising Nigeria would ensure judicious management and oversight.

“The two leaders vowed to work together over the next six months to develop a comprehensive road-map and blueprint to deliver on the agreed investments and outcomes,” Idris said.

“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.”

Others present at the bilateral meeting are; Idris; Yusuf Tuggar, minister of foreign affairs; Yahaya Lawal, Nigerian ambassador to Saudi Arabia; and Adekunle Adeleke, the state chief of protocol.