Nigeria and Saudi Arabia Sign MoU to Enhance Energy Cooperation

Nigeria and Saudi Arabia have signed a Memorandum of Understanding aimed at enhancing energy cooperation between the two nations and promoting capital investment.

In a statement on Thursday, the Minister of State for Petroleum Resources , Senator Heineken Lokpobiri, signed on behalf of the Federal Government, while the Energy Minister of Saudi Arabia , Prince Abdulaziz bin Salman, signed for his country. 'The primary goal of the MoU is to foster collaboration, information exchange, and technology transfer, creating an environment conducive to a mutually beneficial partnership.

'The sharing of technical expertise is expected to enhance the efficiency and effectiveness of Nigeria’s energy operations, ultimately leading to increased production levels and global competitiveness,' stated the minister's media aide, Nneamaka Okafor, in the statement. On his part, Saudi investment minister Khalid Al-Falih said the kingdom’s over $700bn wealth fund — the public investment fund— would make some “game-changing” investments in Africa.

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Nigeria Saudi Arabia Memorandum Of Understanding Energy Cooperation Capital Investment

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