Nigeria gets refineries investment, forex pledge from Saudi Arabia

Nigeria and Saudi Arabia on Friday agreed to a series of investment and cooperation deals, including a pledge by the Saudi government to invest in the
revamp of Nigeria’s oil refineries and provide financial support to sustain the government’s foreign-exchange reforms.
The agreements were reached at a bilateral meeting between Nigerian President Bola Tinubu and Saudi Crown Prince Mohammed bin Salman on the sidelines of the Saudi-Africa summit in Riyadh.
Under Tinubu, Nigeria has embarked on the boldest reforms in decades, scrapping a popular petrol subsidy and unifying the country’s multiple exchange rates as part of measures “aimed at improving the ease of doing business.”
But liquidity has yet to return to the official currency market with the naira quoted at a premium on the parallel market.