Nigeria, Saudi Arabia sign MoU for cooperation in oil, gas sectors

Abdulaziz bin Salman, Saudi Arabia’s energy minister, says the kingdom has signed preliminary agreements with African countries, including Nigeria, on energy-related cooperation.  

Salman spoke on Thursday during the Saudi-Arab-African economic conference in Riyadh, according to Reuters

At the meeting, Salman also met with Heineken Lokpopiri, minister of state for petroleum resources. 

Global oil and gas stakeholders, at the event, discussed the conditions and stability of the petroleum market, as well as topics of common interest in the field of energy.

Speaking on partnerships with African countries, Mohammed Al-Jadaan, Saudi finance minister, said the Saudi Fund for Development would sign agreements worth two billion riyals ($533 million) with countries in the region.

“We are working with partners to support Ghana and other countries regarding their debt,” Jadaan added.

On his part, Khalid Al-Falih, Saudi investment minister, said the kingdom’s over $700 billion wealth fund — the public investment fund— would make some “game-changing” investments in Africa.

‘MOU TO FACILITATE INVESTMENT INFLOW’

Also speaking after signing the agreement, Lokpobiri said Nigeria is intensifying its friendly ties with the Kingdom of Saudi Arabia based on the principle of equality and mutual benefits “for the purpose of co-operation in our oil and gas sector”.

For the purpose of co-operation in our oil and gas sector, we are intensifying our friendly ties with the Kingdom of Saudi Arabia based on the principle of equality and mutual benefits.

We have therefore, entered into a Memorandum of Understanding (MoU) with an objective to set… pic.twitter.com/D39LBwewwe

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— SEN. HEINEKEN LOKPOBIRI Ph.D. (@senlokpobiri) November 9, 2023

“We have, therefore, entered into a Memorandum of Understanding (MoU) with an objective to set a framework of co-operation between us and with the aim of promoting collaboration and strengthening our partnership in the oil and gas sector for mutual benefits,” the Nigerian minister said.

“From this, we can anticipate enhanced technological exchange, investment inflow and a strengthened strategic partnership, paving the way for sustainable growth and prosperity in our energy landscape.”

The announcement of the MoU comes hours after President Bola Tinubu arrived in Riyadh, the Saudi Arabian capital city, to attend the Saudi-Africa summit.

Tinubu arrived in the Middle Eastern country on Thursday as part of efforts to attract foreign direct investment and mobilise capital to build needed infrastructure, Ajuri Ngelale, presidential spokesperson, said.