- The MoU will attract substantial foreign direct investment into Nigeria’s oil and gas sector.
- The partnership aims to promote collaboration, information exchange and technology transfer to boost Nigeria’s oil and gas output.
The Federal Government and the Kingdom of Saudi Arabia have signed a deal to boost technical cooperation and technology transfer between both nations in the oil and gas sector. In a statement by Nneamaka Okafor, the Special Adviser, Media and Communications to the Minister of State, Petroleum (Oil), Senator Heineken Lokpobiri, the minister and the Energy Minister of Saudi Arabia, Prince Abdulaziz bin Salman, signed the MoU representing both countries.
The partnership aims to promote collaboration, information exchange and technology transfer to boost Nigeria’s oil and gas output. With Saudi Arabia’s advanced oil and gas exploration and production technologies, Nigeria stands to gain significantly from this partnership.
The exchange of technical expertise aims to elevate the efficiency and effectiveness of Nigeria’s energy operations, ultimately contributing to increased production levels and global competitiveness. In addition, the MoU will attract substantial foreign direct investment into Nigeria’s oil and gas sector. Saudi Arabia, being a key player in the global energy market, holds the potential to channel significant investments into Nigeria.