AFTER ARRIVING IN SAUDI ARABIA, TINUBU SIGNS AN AGREEMENT TO COLLABORATE IN THE OIL AND GAS SECTORS.

Babatunji Wusu –

President Bola Tinubu signed preliminary agreements on energy-related cooperation on Thursday after arriving in Riyadh, Saudi Arabia.

The development was confirmed by Saudi Arabia’s Minister of Energy, Abdulaziz bin Salman.

Salman made this revelation in Riyadh during the Saudi-Arab-African Economic Conference.

Salman also had a meeting with Nigeria’s State Minister for Petroleum Resources, Heineken Lokpopiri.

During the event, international participants in the oil and gas industry talked about mutual interests in the energy sector as well as the state and stability of the petroleum market.

Speaking on collaborations with African nations, Saudi Arabia’s Minister of Finance, Mohammed Al-Jadaan, announced that the Saudi Fund for Development would ink contracts with nations in the region valued at two billion riyals, or $533 million.

“With partners, we are working to support Ghana and other countries regarding their debt,” declared Jadaan.

According to Saudi Arabia’s investment minister, Khalid Al-Falih, the state investment fund, which has a wealth fund of over $700 billion, would make some “game-changing” investments in Africa.

Hours after President Bola Tinubu landed in Riyadh, the capital of Saudi Arabia, to attend the Saudi-Africa conference, the agreement was announced.

As part of his efforts to mobilize funds for the construction of necessary infrastructure and draw in foreign direct investment, Tinubu came in the Middle Eastern nation on Thursday.