Saudi Arabia has pledged to make funds available to Nigeria to enable Africa’s largest oil producing nation to revamp its ailing refineries to sustain economic growth.
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.
Saudi Crown Prince, Mohammed bin Salman, made the pledge at a bilateral meeting with President of Nigeria Bola Ahmed Tinubu on the sidelines of the Saudi-Africa Summit in Riyadh.
“Saudi Arabia is very eager to see Nigeria thrive under President Bola Tinubu, and realize its full potential as the economic giant of Africa.
“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,” a statement signed by the Minister of Information and National Orientation of Nigeria Mohammed Idris revealed.
“The Crown Prince also expressed appreciation to Nigeria for its active participation in, and support for OPEC+,” Mr. Idris said.
The minister also explained that Mr. Tinubu thanked the Saudi leader for the proposed investments, and pledged that Nigeria would ensure judicious management and oversight.
He added that the two leaders vowed to work together within the next six months to develop a comprehensive road-map and blueprint to deliver on the agreed investments and outcomes.
Nigeria, Africa’s top oil producer, imports almost all its refined fuel needs as a result of the shutdown of state-owned oil refineries namely, Kaduna, Port Harcourt and Warri.
Source: https://energynewsafrica.com