Saudi Arabia and Nigeria Sign MOU on Energy Cooperation at Economic Conference
Saudi Arabia has entered into a Memorandum of Understanding (MoU) with Nigeria to enhance cooperation in the energy sector.
The agreement was disclosed by Saudi Arabia’s Energy Minister, Abdulaziz bin Salman, during the Saudi-Arab-African economic conference in Riyadh.
The meeting also involved discussions with Heineken Lokpopiri, Nigeria’s Minister of State for Petroleum Resources.
The global oil and gas stakeholders deliberated on market conditions, petroleum market stability, and other shared interests in the energy sector.
At the conference, Mohammed Al-Jadaan, Saudi Finance Minister, highlighted the partnership with African countries, stating that the Saudi Fund for Development would sign agreements valued at $533 million with regional nations.
Al-Jadaan emphasised support for countries like Ghana in managing their debt challenges.
Khalid Al-Falih, Saudi Investment Minister, announced significant investments in Africa by the kingdom’s Public Investment Fund, which has over $700 billion in assets.
These investments are expected to have a transformative impact on the continent.
The announcement coincides with the arrival of Nigeria’s President, Bola Tinubu, in Riyadh for the Saudi-Africa summit.
Tinubu’s visit aims to attract foreign direct investment and mobilise capital for essential infrastructure projects in Nigeria.
The MoU between Saudi Arabia and Nigeria underscores the growing importance of energy cooperation between nations, fostering economic development and partnership on a global scale.
Source: Vanguard Newspaper
