The Minister of Information and National Orientation, Mohammed Idris, has stated that President Bola Tinubu demonstrated his commitment to charting a sustainable course for Nigeria’s prosperity by utilizing foreign engagement and policy tools.
Idris emphasized that the positive outcomes of Tinubu’s recent trips to the Middle East and Germany were noteworthy. According to him, Tinubu highlighted two crucial messages, namely bold economic reforms in foreign exchange management and the petrol subsidy.
Idris pointed out that the first reform would free up significant resources for investment in infrastructure, social programs, and food security, while the second would attract the capital needed to build a globally competitive economy.
The Minister highlighted two significant engagements that took place on the sidelines of the Middle East Summit, which he deemed crucial to Nigeria’s economic development and the realization of Tinubu’s agenda, known as “Renewed Hope.”
The first engagement involved a bilateral meeting between the Crown Prince of the Kingdom, His Royal Highness Mohammed bin Salman bin Abdulaziz Al Saud, and President Tinubu on November 10.
Idris disclosed that two beneficial Saudi pledges to Nigeria emerged from this meeting.
Saudi Aramco committed to investing in the revamp of Nigeria’s state-owned oil refineries, aiming for completion within three years.
The second pledge was to support the Central Bank of Nigeria’s ongoing reforms by providing a substantial dollar-denominated deposit to boost forex liquidity.
According to Idris, these two transformational investments will play a significant role in stabilizing and strengthening Tinubu’s economic reform agenda, expediting the journey towards reaping the full benefits of these reforms.