In a significant move, Saudi Arabia and Nigeria have inked a Memorandum of Understanding (MoU) on energy collaboration. The announcement was made by Saudi Arabia’s Energy Minister, Abdulaziz bin Salman, at the Saudi-Arab-African economic conference in Riyadh.
The discussions included key global oil and gas stakeholders, addressing market conditions and stability.
Saudi Finance Minister Mohammed Al-Jadaan revealed plans for the Saudi Fund for Development to sign agreements worth $533 million with African countries, emphasizing support for nations like Ghana in managing their debt.
Saudi Investment Minister Khalid Al-Falih hinted at game-changing investments in Africa from the kingdom’s $700 billion wealth fund.
The development coincides with the arrival of Nigerian President Bola Tinubu in Riyadh, underscoring efforts to attract foreign investment and mobilize capital for infrastructure development.