Saudi Arabia has signed a Memorandum of Understanding (MoU) with Nigeria on energy-related cooperation.
Saudi Arabia’s energy minister, Abdulaziz bin Salman disclosed this during the Saudi-Arab-African economic conference in Riyadh on Thursday, according to Reuters.
At the meeting, Salman also met with Heineken Lokpopiri, minister of state for petroleum resources.
Global oil and gas stakeholders, at the event, discussed the conditions and stability of the petroleum market, as well as topics of common interest in the field of energy.
Speak on partnerships with African countries, Mohammed Al-Jadaan, Saudi finance minister, 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 added.
On his part, Khalid Al-Falih, Saudi investment minister, said the kingdom’s over $700 billion wealth fund — the public investment fund—would make some “game-changing” investments in Africa.
The announcement of the deal comes hours after President Bola Tinubu arrived in Riyadh, the Saudi Arabian capital city, to attend the Saudi-Africa summit.
Tinubu arrived the Middle Eastern country on Thursday as part of efforts to attract foreign direct investment and mobilise capital to build needed infrastructure, Ajuri Ngelale, presidential spokesperson, said.