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Saudi Government To Invest in Nigeria Refineries Support Central Bank Reforms
The Government of Saudi Arabia has pledged to invest in the revamp of Nigeria’s refineries, as well as provide financial support to sustain the government’s foreign exchange reforms.
Saudi Crown Prince, HRH Mohammed bin Salman made these pledges at a bilateral meeting with President Tinubu on the sidelines of the Saudi-Africa Summit in Riyadh.
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.
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.
The Crown Prince 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.
The Crown Prince also expressed appreciation to Nigeria for its active participation in, and support for OPEC+.
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 road-map and blueprint to deliver on the agreed investments and outcomes.
Also, President Tinubu and Crown Prince bin Salman spoke on the need to strengthen security cooperation to mitigate terrorism, illegal migration and other crises, not just in Nigeria, but across West Africa and the Sahel region.
The two leaders further discussed existing economic and socio-cultural cooperation between Nigeria and Saudi Arabia, and agreed to open new vistas in bilateral relations.
The bilateral meeting was attended by 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.
Mohammed Idris
Minister of Information and National Orientation.
News
“Youth Minister Visits Innoson to Boost Youth Training and Job Creation”
Joel Ajayi
The Honourable Minister of Youth Development, Comrade Ayodele Olawande, accompanied by the Permanent Secretary, Mr. Olubunmi Olusanya, and members of the Ministry’s team, paid a working visit to Innoson Vehicle Manufacturing (IVM) in Nnewi, Anambra State.
The delegation was warmly received by Chief Innocent Chukwuma (OFR), Chairman and CEO of the Innoson Group, whose humility and steadfast commitment to Nigeria’s industrial growth remain a source of national pride.
The Minister commended Innoson’s pioneering role in local innovation and job creation, particularly its ventures in CNG vehicle production, tractor assembly, and other industrial initiatives that present vast opportunities for youth empowerment.
During the tour, the Honourable Minister interacted with young Nigerians who have benefited from Innoson’s technical training and apprenticeship programmes, including two outstanding young women now excelling as auto-technicians.
Their stories, he noted, exemplify the transformative power of skill acquisition and enterprise in shaping a self-reliant generation.
As an outcome of the visit, the Ministry will partner with Innoson to expand youth training, apprenticeship, and enterprise development programmes across the country, focusing on the automotive value chain and allied sectors.
The Minister also met with the Anambra State Commissioner for Youth Development, Hon. Patrick Agha Mba, to explore joint efforts between the federal and state governments in advancing the “1 Youth, 2 Skills” campaign. Both ministries reaffirmed their shared commitment to equipping young Nigerians with practical, income-generating skills that foster productivity, innovation, and self-reliance.
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