Saudi Arabia to support CBN with ‘substantial’ FX deposit, invest in Nigeria’s refineries

The Federal Government of Nigeria has announced that Saudi Arabia is set to bolster the Central Bank of Nigeria (CBN) with a significant foreign exchange deposit, showcasing support for the ongoing forex reforms.

Mohammed Idris, the Minister of Information and National Orientation, revealed this commitment after a bilateral meeting between Saudi Crown Prince Mohammed bin Salman and President Bola Tinubu during the Saudi-Africa summit in Riyadh.

In a statement, Idris stated, “To bolster Nigeria’s forex liquidity in alignment with the Central Bank’s reforms, the Saudi Government pledges a substantial deposit of foreign exchange.”

Additionally, Saudi Arabia expressed its commitment to aiding Nigeria in the refurbishment of its refineries.

Idris highlighted Salman’s commendation of President Tinubu’s economic reforms and Saudi Arabia’s eagerness to support these initiatives, with a focus on Nigeria becoming Africa’s economic powerhouse.

The Saudi Crown Prince announced that the revitalization of Nigeria’s refineries would be spearheaded by the state-owned oil company, Saudi Aramco, with completion targeted within two to three years.

Moreover, Salman appreciated Nigeria’s active involvement in and support for OPEC+. He revealed Saudi Arabia’s investment interests in Nigeria, emphasizing agriculture and renewable energy to enhance food and energy security.

Tinubu assured prudent management of the proposed investments and pledged to collaborate over the next six months to develop a comprehensive roadmap for the agreed-upon investments.

The leaders also discussed strengthening security cooperation to address challenges like terrorism and illegal migration in Nigeria, West Africa, and the Sahel region.

The bilateral meeting concluded with a commitment to expanding economic and socio-cultural cooperation between Nigeria and Saudi Arabia. Notable attendees included Idris, Yusuf Tuggar (Minister of Foreign Affairs), Yahaya Lawal (Nigerian Ambassador to Saudi Arabia), and Adekunle Adeleke (State Chief of Protocol).