Saudi Arabia Has Promised To Support CBN With FX Deposit –FG

The Kingdom of Saudi Arabia has promised to provide foreign exchange to the country to support the Central Bank of Nigeria (CBN)’s ongoing forex reforms, according to the Federal Government, All Nigeria Latest News report.

The Islamic country also promised to invest in the revamp of the country’s refineries.

HRH Mohammed bin Salman, Crown Prince of Saudi, disclosed this at a bilateral meeting with President Bola Tinubu in Riyad on the sidelines of the Saudi-Africa Summit

According to Crown Prince, 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.

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

All Nigeria Latest News reported that Prince 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.

The Crown Prince 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.

Prince Salman 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.

In response, President Tinubu expressed gratitude to the Saudi Crown Prince for the proposed investments and assured that Nigeria would ensure judicious management and oversight.

The two leaders committed to collaborating over the next six months to create a detailed plan for implementing the agreed investments and objectives.

They emphasized the importance of enhancing security cooperation to address issues like terrorism, illegal migration, and other crises, not only within Nigeria but also across West Africa and the Sahel region.

The bilateral meeting was attended by key officials, including 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.

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