Nigeria’s Minister for Trade, Industry, and Investment, Dr. Doris Uzoka, has outlined numerous areas in which the Government of Saudi Arabia has pledged to invest, focusing on the revitalization of Nigeria’s refineries and reforms within the Central Bank of Nigeria.
She made these statements in Riyadh, Saudi Arabia, concluding the two-day bilateral meeting chaired by President Bola Ahmed Tinubu and Saudi Crown Prince Mohammed Bin Salman.
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The official statement read, “The Crown Prince indicated that the refinery investments in Nigeria would be led by the Saudi state-owned oil company, Saudi Aramco, with the revamp targeted 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.
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“To bolster the Central Bank’s ongoing reforms of Nigeria’s foreign exchange regime, the Saudi Government will provide a substantial deposit of foreign exchange to enhance 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, enabling Nigeria to reap the full benefits.
“According to the Investment Minister, Saudi Arabia is very eager to see Nigeria thrive under President Bola Tinubu and realize its full potential as the economic giant of Africa.”
Meanwhile, Uzoka Anite thanked the Saudi leader for the proposed investments and pledged that Nigeria would ensure judicious management and oversight, adding, “We will work together over the next six months to develop a comprehensive roadmap and blueprint to deliver on the agreed investments and outcomes.”
The statement further read, “Additionally, Crown Prince Bin Salman emphasized 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.
“In addition to these, Prince Bin Salman also highlighted Agriculture and Renewable Energy as areas of investment interest for Saudi Arabia in Nigeria to help the country attain food and energy security, respectively.
Her Saudi Arabia counterparts: H.E Dr. Majid Alkassabi, Minister of Commerce, Chairman of the Board of Directors of General Authority of Foreign Trade; H.E Khalid Al Falih, Minister of Investment; Mr. Bandar Bin Ibrahim Alkhorayeh, Minister of Industry and Mineral Resources were present during the press conference by Dr. Doris Uzoka.
