Nigeria signs MoU with Saudi Arabia on cooperation in energy sector
By Bintu Abba Tor
Kanempress
9th November 2023
Saudi Arabia has signed a Memorandum of Understanding with Nigeria on energy-related cooperation.
According to Kanempress, Saudi Arabia’s energy minister, Abdulaziz bin Salman disclosed this at the Saudi-Arab-African economic conference in Riyadh on Thursday.
Abdulaziz bin Salman also met Nigerian minister of state for petroleum resources, Heineken Lokpopiri.
Global oil and gas stakeholders deliberated on conditions and stability of the petroleum market, including topics in the field of energy.
On partnerships with African countries, Saudi finance minister, Mohammed Al-Jadaan said the Saudi Fund for Development would sign agreements worth two billion riyals ($533 million) with countries in the region.
“We are working with partners to support Ghana and other countries regarding their debt,” Jadaan noted.
Similarly, Saudi investment minister, Khalid Al-Falih said the kingdom’s over $700 billion wealth fund, the public investment fund would make some “game-changing” investments in Africa.
The deal comes hours after Nigerian President Bola Tinubu arrived in Riyadh, the Saudi Arabian capital city, for the Saudi-Africa summit.
President Tinubu had arrived the Middle Eastern country on Thursday as part of efforts to attract foreign direct investment and mobilise capital to build needed infrastructure.
