Saudi Crown Prince Mohammed bin Salman has pledged support for Nigeria’s economic reform programs during a meeting with President Bola Ahmed Tinubu in Riyadh. The Crown Prince commended President Tinubu’s economic reforms, noting similarities to his own efforts to strengthen Saudi Arabia’s stability and development ¹.
“We are very eager to see Nigeria thrive under President Bola Tinubu and realize its full potential as the economic giant of Africa,” Prince bin Salman said.
The two leaders discussed potential areas for cooperation, including oil and gas, agriculture, infrastructure, and the constitution of the Saudi-Nigeria Business Council. Saudi Arabia’s state-owned oil company, Saudi Aramco, will lead investments in Nigeria’s refineries .
Key Areas of Cooperation:
– _Oil and Gas_: Saudi Aramco will lead investments in Nigeria’s refineries.
– _Agriculture_: Saudi Agricultural and Livestock Investment Company (SALIC) invested $1.24 billion in Olam Agri, Nigeria’s leading agricultural firm.
– _Infrastructure_: Saudi Arabia will provide financial support for Nigeria’s foreign exchange reforms.
– _Saudi-Nigeria Business Council_: To enhance bilateral trade and economic cooperation.
The Saudi government also pledged to provide financial support to sustain Nigeria’s government’s foreign exchange reforms. “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 added.
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 roadmap and blueprint to deliver on the agreed investments and outcomes .
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