The Nigerian and Saudi Arabian governments signed an MOU for energy sector cooperation

Reuters reports that on Thursday in Riyadh, Saudi Arabia’s energy minister Abdulaziz bin Salman disclosed this information during the Saudi-Arab-African economic conference.

Salman also met with Heineken Lokpobiri, the minister of state for petroleum resources, during the meeting.

During the event, international oil and gas stakeholders engaged in discussions about the state and stability of the petroleum market, alongside shared concerns concerning the energy sector.

Discuss collaborations with African nations, The Saudi Finance Minister, Mohammed Al-Jadaan, stated that the Saudi Fund for Development would enter into agreements with countries in the region worth two billion riyals ($533 million).

Jadaan further stated, “We are collaborating with partners to assist Ghana and other nations with their debt.”

Khalid Al-Falih, the investment minister of Saudi Arabia, stated that the public investment fund, which is worth more than $700 billion, would make “game-changing” investments in Africa.

The agreement was officially declared several hours after President Bola Tinubu arrived in the capital city of Saudi Arabia, Riyadh, for the Saudi-Africa summit.

As part of his efforts to attract foreign direct investment and mobilize capital for the construction of essential infrastructure, Tinubu arrived in the Middle Eastern nation on Thursday, according to presidential spokesman Ajuri Ngelale.