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Saudi Government To Invest in Nigeria Refineries Support Central Bank Reforms

Published

3 years ago

November 10, 2023

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.

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AWESSA 2026: Customs Assures Border Cooperation for Women Entrepreneurs

Published

5 hours ago

October 25, 2026

The Gleamer

By James Samuel, Abuja

The Nigeria Customs Service has said the nation’s borders must become gateways of opportunity for African women entrepreneurs, not obstacles that kill their businesses.

This was disclosed at the African Women’s Economic Sovereignty Summit and Awards (AWESSA) 2026 held at the Customs House, corporate headquarters of the Nigeria Customs Service in Abuja.

Representing the Comptroller-General of Customs, Bashir Adewale Adeniyi, MFR, his representative, an Assistant Controller, said hosting the summit inside Customs premises was deliberate.

“That this summit holds within the Customs premises is no accident. It is a statement of intent,” he said.

“The border is where the promise of every African trader either comes alive or dies quietly. And the men and women of this Service have resolved that for every woman entrepreneur of this continent, that promise will never die.”

He said women account for an estimated 70% of informal cross-border trade in Africa and over half of agricultural labour, yet they face documentation, standards, finance and harassment challenges.

“Too often she meets the border as an obstacle rather than a gateway. Because she trades in small volumes, in cash, in informality without formal papers, capable business women are now trapped in informality, invisible to trade statistics,” he noted.

He added: “AfCFTA will not be delivered by treaties alone. It will be delivered at border posts, in conference halls, and in market stores.”

Also speaking, the Executive Director of the Nigerian Export Promotion Council, Mrs. Nonye Ayeni, represented by a Director, said women are central to Nigeria’s non-oil export sector.

According to her, NEPC’s focus is now on building export- ready competitive enterprises through programmes like the Women in Export Initiative, Export Clinic, and Zero to Export.

“Our focus is no longer on encouraging exports alone, it is on building competitive export-ready enterprises. We are supporting women to move beyond production into value addition, quality assurance, standard compliance, branding and market positioning,” she said.

She said AfCFTA offers a market of over one billion people, but women need knowledge, certifications and institutional support.

“Empowering women economically is one of the most effective tools for achieving poverty reduction, food security, job creation and inclusive growth,” she stated.

The Convener, Helen Okon, who is the Publisher of Business Review Africa & Africa Today Magazine, as well as representatives of NAFDAC DG and NEXIM Bank MD, reaffirmed commitment to supporting women-owned businesses access standards, certification and finance.

The summit, with the theme of positioning women as drivers of trade and sustainable development, is part of activities marking the International Year of the Women Farmer.

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