Saudi Arabia and Nigeria have solidified their commitment to energy-related collaboration by signing a Memorandum of Understanding.
The announcement was made by Saudi Arabia’s energy minister, Abdulaziz bin Salman, during the Saudi-Arab-African economic conference held in Riyadh on Thursday, as reported by Reuters.
The meeting served as a platform for global oil and gas stakeholders to engage in discussions about the stability and conditions of the petroleum market, addressing topics of mutual interest in the energy sector.
Abdulaziz bin Salman also held discussions with Heineken Lokpopiri, Nigeria’s minister of state for petroleum resources.
Highlighting the broader partnerships with African countries, Saudi Finance Minister Mohammed Al-Jadaan revealed that the Saudi Fund for Development is set to sign agreements totaling two billion riyals ($533 million) with nations in the region.
Al-Jadaan also emphasized ongoing efforts to support Ghana and other countries in managing their debt.
Khalid Al-Falih, Saudi investment minister, shared plans for the kingdom’s wealth fund, the public investment fund, which holds over $700 billion.
Al-Falih announced intentions to make “game-changing” investments in Africa, indicating a strategic move towards enhancing economic ties between Saudi Arabia and African nations.
This collaboration comes on the heels of President Bola Tinubu’s arrival in Riyadh for the Saudi-Africa summit.
The summit aims to foster foreign direct investment, mobilize capital, and facilitate infrastructure development—an integral part of Nigeria’s efforts to strengthen economic ties with Saudi Arabia.