FG: Saudi Arabia has promised to support CBN with FX deposit

Saudi Arabia has pledged to provide foreign exchange to the country to support the Central Bank of Nigeria (CBN)’s ongoing forex reforms, according to the Federal Government.

The oil-rich country also promised to invest in the revamp of the country’s refineries.

Crown Prince of Saudi, HRH Mohammed bin Salman made these pledges at a bilateral meeting with President Bola Tinubu on the sidelines of the Saudi-Africa Summit in Riyadh.

This was contained in a statement on Friday by the Minister of Information and national orientation, Alhaji Mohammed Idris Malagi.

According to Salman, to support the CBN’s ongoing reforms of Nigeria’s foreign exchange regime, the Saudi government would make available a substantial deposit of foreign exchange to boost Nigeria’s forex liquidity.

The Prince 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.

He said Saudi Arabia is very eager to see Nigeria thrive under President Bola Tinubu, and realize its full potential as the economic giant of Africa.

He also highlighted agriculture and renewable energy as areas of investment interest for Saudi Arabia, in Nigeria.

He 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.

Responding, President Tinubu thanked the Saudi leader for the proposed investments, and pledged that Nigeria would ensure judicious management and oversight.

The two leaders vowed to work together over the next six months to develop a comprehensive road-map and blueprint to deliver on the agreed investments and outcomes.

They spoke on 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.

The bilateral meeting was attended by the Minister of Foreign Affairs, Ambassador Yusuf Tuggar, Minister of Information and National Orientation, Mohammed Idris, Nigerian Ambassador to Saudi Arabia, Ambassador Yahaya Lawal and the state Chief of Protocol, Ambassador Adekunle Adeleke.