Saudi pledges refinery investment, CBN support in Nigeria.

The Saudi Arabian government has committed to investing in the overhaul of Nigeria’s refineries, as revealed by the Minister of Information and Communication, Mohammed Idris.

The pledge follows a bilateral meeting between President Bola Tinubu and Saudi’s Crown Prince HRH Mohammed bin Salman, where Saudi Arabia vowed to support Nigeria’s foreign exchange reforms and provide substantial forex deposits.

The revamping of Nigeria’s refineries, spearheaded by Saudi Aramco, is anticipated to be completed within a two- to three-year timeframe, as stated in a late Friday announcement by Minister Mohammed.

Additionally, Prince bin Salman commended Tinubu for economic reforms and expressed Saudi Arabia’s interest in investing in Agriculture and Renewable Energy in Nigeria.

The Crown Prince also acknowledged Nigeria’s active role in supporting OPEC+.

Security cooperation to address issues like terrorism and illegal migration in Nigeria, West Africa, and the Sahel region was emphasised during the meeting between President Tinubu and Crown Prince bin Salman.