The Federal Government has said that the Government of Saudi Arabia pledged to invest in revamping the country’s refineries to get them working and reforming the Central Bank of Nigeria.
This was made known in a press statement by the Minister of Information and National Orientation, Mohammed Idris.
Idris said the pledges were made by the Saudi Crown Prince, Mohammed bin Salman, at a bilateral meeting with President Bola Tinubu on the sidelines of the Saudi-Africa Summit in Riyadh.
The statement read, “The Crown Prince 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+.
“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.
“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.