TINUBU’S VISIT: Saudi Arabia pledges to support CBN with FX, revamp Nigeria's refinery

President Bola Ahmed Tinubu’s visit to the Kingdom of Saudi Arabia at the Saudi-Africa Summit in Riyadh may have been yielding already as the Kingdom has pledged to help Nigeria in resolving some of her economic quagmires.

The government of Saudi Arabia promised to support the reforms being implemented by the Central Bank of Nigeria and also revamp Nigeria’s existing refineries through its state-owned oil company, Aramco during a bilateral engagement between President Tinubu and the Kingdom’s leader, Crown Prince, HRH Mohammed Bin Salman.

This was disclosed in a statement signed by the Minister of Information and National Orientation, Muhammed Idris.

It 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.”

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

It continues: “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.”

Earlier, President Tinubu met with investors at Saudi-Africa Summit, assuring them that their investments are safe in Nigeria. He also used the opportunity to discuss on issues surrounding climate change, anti-terrorism, and energy.

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