Nigeria and Saudi Arabia have formalized their partnership in the energy sector by signing a Memorandum of Understanding (MoU).
The announcement was made by Saudi Arabia’s energy minister, Abdulaziz bin Salman, during the Saudi-Arab-African economic conference in Riyadh on Thursday, as reported by Reuters.
During the conference, Salman held discussions with Heineken Lokpopiri, Nigeria’s minister of state for petroleum resources. The event gathered global oil and gas stakeholders to address market conditions, stability in the petroleum industry, and other shared interests in the energy field.
Regarding collaborations with African nations, Mohammed Al-Jadaan, Saudi finance minister, revealed that the Saudi Fund for Development is set to enter agreements worth two billion riyals ($533 million) with countries in the region. He stated, “We are working with partners to support Ghana and other countries regarding their debt.”
Khalid Al-Falih, Saudi investment minister, also shared plans for the kingdom’s public investment fund, valued at over $700 billion, to make significant investments in Africa, describing them as “game-changing.”
The announcement of this energy cooperation agreement coincided with the arrival of President Bola Tinubu in Riyadh, the capital of Saudi Arabia, to participate in the Saudi-Africa summit.
According to Ajuri Ngelale, the presidential spokesperson, President Tinubu’s visit aims to attract foreign direct investment and mobilize capital for essential infrastructure development in Nigeria.
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