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Saudi Arabia to invest in Nigeria’s refineries, support CBN’s FOREX reforms

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Saudi Arabia has pledged to provide financial support to sustain the Central Bank of Nigeria’s foreign exchange reforms in addition to investing in the revamping of Nigeria’s refineries.

The Minister of Information and National Orientation, Mohammad Idris in a statement yesterday said the Saudi Crown Prince, Mohammed bin Salman made the promises to assist Nigeria at a bilateral meeting with President Bola Tinubu on the sidelines of the Saudi-Africa Summit in Riyadh.

Idris who attended the bilateral meeting, explained that as part of the support for the ongoing CBN reforms of the country’s foreign exchange regime, Saudi Arabia, which is the world’s largest producer of crude oil, will also make available a substantial deposit of foreign exchange to boost Nigeria’s forex liquidity.

Prince bin Salman commended the economic reforms being implemented by President Tinubu, and expressed the commitment of the Saudi government to supporting these reforms, and enabling Nigeria to reap the full benefits.

The statement read: “The Crown Prince expressed the eagerness of Saudi Arabia to ensure the economic prosperity of Nigeria under President Bola Tinubu, and realize its full potential as the economic giant of Africa.

“In addition to these, they also highlighted agriculture and renewable energy as major areas of investment interest for Saudi Arabia, in Nigeria, to help the country attain food and energy security, respectively.“

The Saudi authority hinted that the refinery investments in Nigeria will be led by the Saudi state-owned oil company, Saudi Aramco, with the revamp to be completed within a two- to three-year timeframe.

“Prince bin Salman also expressed appreciation to Nigeria for its active participation in and support for the Organization of the Petroleum Exporting Countries (OPEC) of which Nigeria is a key member,” said the minister in the press statement.

In his remarks, President Tinubu thanked the Saudi Prince for the proposed investments, while pledging that Nigeria would ensure judicious management and oversight.

The two leaders expressed commitment to working together over the next six months to develop a comprehensive road-map and blueprint to deliver on the agreed investments and outcomes. In the same vein, both Tinubu and Prince bin Salman expressed the need to strengthen security cooperation to mitigate terrorism, illegal migration and other crises, not just in Nigeria, but across West Africa and the Sahel region. They discussed existing economic and socio-cultural cooperation between Nigeria and Saudi Arabia, and agreed to open new vistas in bilateral relations.

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Breaking: Nigeria to hold presidential election February 20 next year

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Nigeria will hold presidential election about one year from now, on February 20, 2027.

The Independent National Electoral Commission (INEC) announced this on Friday and said the National Assembly elections will also hold the same day.

INEC said governorship and State Houses of Assembly polls scheduled has been scheduled for March 6, 2027.

The INEC Chairman, Prof. Joash Amupitan, disclosed the election timetable at a news conference in Abuja today.

INEC had on February 4 indicated that it had completed work on the election timetable and schedule of activities despite the delay.

The commission noted that it had submitted its timetable to lawmakers but cautioned that some items in the schedule of activities could be affected depending on when the amended Electoral Act is eventually passed.

 

 

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Otedola hails Dangote refinery, says Dollar could exchange below N1,0000 in few months

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Nigerian billionaire businessman, Femi Otedola has hailed Dangote refinery for its massive impact in the nation’s oil industry, saying due to huge foreign exchange saved as a result of the milestone achieved by the refinery, the naira could trade below ₦1,000 to the dollar before the end of the year.

Otedola made this known on his X platform, while congratulating President of Dangote Group, Aliko Dangote, on the refinery’s attainment of its full production capacity of 650,000 barrels per day.

According to him, the refinery’s capacity to supply up to 75 million litres of Premium Motor Spirit (PMS) daily marks a transformative moment for Nigeria and the African continent, significantly altering the country’s energy landscape.

He noted that with domestic refining now in full swing after decades of reliance on fuel imports, pressure on the foreign exchange market is expected to ease considerably.

“With domestic refining now firmly underway after decades of reliance on imports, pressure on the foreign exchange market should ease significantly. I am optimistic that the naira will strengthen meaningfully, and trading below ₦1,000/$1 before year-end is increasingly within reach,” Otedola stated.

He further revealed that Dangote has commenced an additional $12 billion expansion project aimed at increasing refining capacity to 1.4 million barrels per day.

The expansion will also include the production of 2.4 million tonnes of no polypropylene and 400,000 metric tonnes of Linear Alkyl Benzene for detergent manufacturing.

Otedola described the development as a milestone for Nigeria’s economic growth, congratulating Dangote on what he called a historic achievement for the country.

 

 

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NiMet, Tomorrow.io begin five-day Co-Design workshop to advance digital climate advisory service

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The Nigerian Meteorological Agency (NiMet), in collaboration with Tomorrow.io, on Tuesday, began a five-day co-design workshop aimed at refining the Digital Climate Advisory Service (DCAS) Decision Tree.

In his remarks at the event, Prof. Charles Anosike, Director-General and CEO of NiMet, described the new climate advisory initiative as a game changer for helping farmers make smarter decisions based on weather information. He emphasised that the service is designed to support farmers in their everyday work by providing advice that is simple and easy to understand.

Brian Miranda, CEO representative of Tomorrow.io, expressed his appreciation to Prof. Charles Anosike, Director-General of the Nigerian Meteorological Agency (NiMet), recognising his foresight and strategic leadership in positioning NiMet as a leading National Hydrometeorological Service (NHMS) in Africa. He highlighted that NiMet’s adoption of artificial intelligence in meteorology will significantly enhance early warning systems for extreme weather events, thereby improving the agency’s ability to protect communities.

The workshop would strengthen the ongoing partnership on climate resilience for Nigerian farmers, ensure  farmer feedback and engender expert insights into the DCAS Decision Tree, resulting in more tailored climate advisories that will help farmers make better-informed decisions about planting and harvesting.

It is also focusing on developing a Crop Decision Tree (CDT) framework, bringing together participants from the Federal Ministry of Agriculture and Food Security, the Federal Ministry of Livestock Development, and representatives from farmer development groups. Each organization plays a critical role in the process. This collaborative approach will help integrate NiMet’s localized 2026 Seasonal Climate Prediction (SCP) with specific farming activities.

The system is designed to generate automated, actionable advisories tailored to various climate scenarios, such as prolonged dry spells, delayed rainfall onset, or early seasonal rains. These advisories will empower farmers to make timely decisions about when to plant, irrigate, or harvest, helping to reduce risks associated with adverse weather and ultimately enhancing agricultural productivity and resilience.

The five-day workshop will continue with a technical deep-dive session, during which participants will work together to develop the DCAS Decision Tree — a tool designed to assist Nigerian farmers in making informed choices. This decision tree will be tailored to address key challenges faced by local farmers, integrating expert insights and practical feedback to deliver actionable guidance for crop and livestock management based on climate information.

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