In a significant show of support for Nigeria’s ongoing forex reforms, the Saudi Government has pledged to provide a “substantial” deposit of foreign exchange to bolster Nigeria’s forex liquidity.
This commitment was made during a bilateral meeting at the Saudi-Africa summit in Riyadh between Saudi Crown Prince, Mohammed bin Salman, and Nigerian President Bola Tinubu.
The announcement was shared by Mohammed Idris, Nigeria’s Minister of Information and National Orientation, who stated, “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.” This move is seen as a significant boost to the Central Bank of Nigeria’s efforts to stabilize the country’s currency and improve its foreign exchange situation.
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Furthermore, the Saudi Crown Prince expressed admiration for President Tinubu’s economic reforms and emphasized the Saudi Government’s commitment to supporting these reforms to enable Nigeria to reap the full benefits.
Additionally, Saudi Arabia pledged its support in the revamping of Nigeria’s refineries. Prince bin Salman mentioned that the refinery investments in Nigeria would be led by the Saudi state-owned oil company, Saudi Aramco, with the overhaul expected to be completed within a two- to three-year timeframe.
The Crown Prince also extended his gratitude to Nigeria for its active participation in and support for the OPEC+ alliance. He revealed that Saudi Arabia’s investment interests in Nigeria encompass agriculture and renewable energy, with the aim of enhancing food and energy security.
President Tinubu welcomed these proposed investments and assured that Nigeria would ensure judicious management and oversight. Both leaders agreed to work closely over the next six months to develop a comprehensive roadmap and blueprint to deliver on the agreed investments and outcomes.
The bilateral meeting also addressed the need to strengthen security cooperation to mitigate terrorism, illegal migration, and other crises, not only in Nigeria but across West Africa and the Sahel region. Furthermore, the leaders discussed existing economic and socio-cultural cooperation between Nigeria and Saudi Arabia, pledging to open new avenues for bilateral relations.
In attendance at the bilateral meeting were Minister Mohammed Idris, Minister of Foreign Affairs Yusuf Tuggar, Nigerian Ambassador to Saudi Arabia Yahaya Lawal, and the State Chief of Protocol Adekunle Adeleke. This collaborative effort signals a promising partnership between Nigeria and Saudi Arabia in economic, energy, and security sectors.
