President Tinubu Signs MoU For Cooperation In Oil, Gas Sectors Upon Arrival In Saudi Arabia

President Bola Ahmed Tinubu has signed preliminary agreements on energy-related cooperation upon arrival to Riyadh, Saudi Arabia, on Thursday, Nov 9.

The Minister of Energy in Saudi Arabia, Abdulaziz bin Salman, confirmed the development.

Salman disclosed this during the Saudi-Arab-African economic conference in Riyadh.

At the meeting, Salman also met with Heineken Lokpopiri, Nigeria’s 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.

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.”

Saudi investment minister, Khalid Al-Falih, 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 in the Middle Eastern country on Thursday as part of efforts to attract foreign direct investment and mobilise capital to build needed infrastructure.