- Saudi is working with partners to support Ghana and other countries regarding their debts.
- The kingdom’s over $700 billion wealth fund would make game-changing investments in Africa.
Saudi Arabia has signed a Memorandum of Understanding with Nigeria on energy-related cooperation. According to Reuters, Saudi Arabia’s energy minister, Abdulaziz bin Salman, disclosed this during the Saudi-Arab-African economic conference in Riyadh on Thursday. At the meeting, Salman also met with the minister of state for petroleum resources, Heineken Lokpopiri.
At the event, global oil and gas stakeholders discussed the conditions and stability of the petroleum market and topics of common interest in the energy field. On partnerships with African countries, Saudi’s finance minister, Mohammed Al-Jadaan, said the Saudi Fund for Development would sign agreements worth two billion riyals ($533 million) with countries in the region.
“We are working with partners to support Ghana and other countries regarding their debt,” Jadaan added. On his part, Saudi’s 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 to attend the Saudi-Africa summit. According to the presidential spokesperson, Ajuri Ngelale, Tinubu participated in the conference as part of efforts to attract foreign direct investment and mobilise capital to build needed infrastructure.