President Bola Tinubu has signed preliminary agreements on energy-related cooperation upon his arrival in Riyadh, Saudi Arabia, on Thursday.
The development was confirmed by Saudi Arabia’s Minister of Energy, Abdulaziz bin Salman.
During the Saudi-Arab-African corporate conference in Riyadh, Salman disclosed this.
Salman also had a meeting with Nigeria’s State Minister for Petroleum Resources, Heineken Lokpopiri.
During the event, global stakeholders in the oil and gas sector, discussed about mutual interests in the energy sector as well as the condition and stability of the petroleum market.
Speaking on partnerships with African countries, the minister of finance in Saudi, Mohammed Al-Jadaan, said the Saudi Fund for Development would sign agreements worth two billion riyals ($533 million) with countries in the region.
Jadaan said, “We are working with partners to support Ghana and other countries regarding their debt.”
According to Saudi Arabia’s investment minister, Khalid Al-Falih, the investment fund, which has a wealth fund of over $700 billion, would make some “game-changing” investments in Africa.
Few hours after President Bola Tinubu arrived in Riyadh, the capital of Saudi Arabia, to attend the Saudi-Africa summit, the agreement was announced.
Tinubu arrived in the Middle Eastern nation on Thursday, as part of his efforts to mobilize funds for the construction of necessary infrastructure and attract in foreign direct investment.
Ada Peter
