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Riyadh Economic Conference: Nigeria signs MoU with Saudi Arabia on oil and gas cooperation  

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Nigeria has signed an MoU with Saudi Arabia on oil and gas cooperation. This is according to Sen. Heineken Lokpobiri, Nigeria’s Minister of State for Petroleum Resources. 

On Thursday night, he shared the announcement via his official Twitter handle.

He stated that the Memorandum of Understanding (MoU) between the countries signed at the Saudi-Arab-African Economic Conference in Riyadh, is tailored towards specific goals within the oil and gas sector aimed at fostering growth and prosperity in Nigeria’s energy industry. These goals encompass: 

Enhanced technological exchange 

Increased investment flow 

Strengthened strategic partnership 

The memorandum outlines these objectives to bolster collaboration and development in Nigeria’s energy domain. 
Lokpobiri said: 

“For the purpose of cooperation in our oil and gas sector, we are intensifying our friendly ties with the Kingdom of Saudi Arabia based on the principle of equality and mutual benefits. We have, therefore, entered into a Memorandum of Understanding (MoU) with the objective of setting a framework of cooperation between us and with the aim of promoting collaboration and strengthening our partnership in the oil and gas sector for mutual benefit.  

“From this, we can anticipate enhanced technological exchange, investment inflow and a strengthened strategic partnership, paving the way for sustainable growth and prosperity in our energy landscape.”  
 
Earlier on Thursday, Lokpobiri announced his meeting with H.E. Prince Abdulaziz bin Salman Al Saud, the Energy Minister of the Kingdom of Saudi Arabia and Chairman of OPEC’s Joint Ministerial Monitoring Committee (JMMC) in Riyadh.
The conversation primarily centred on the oil production quotas of both nations and forging a strategic alliance to guide the energy sector’s direction. 

He expressed satisfaction in observing the Kingdom’s steadfast commitment to mutual energy objectives.

Their discussions focused on strategic initiatives to boost cooperation, ensuring that oil production harmonizes with global demands.  

According to Lokpobiri, this spirit of collaboration brings a positive outlook for the future, aiming to address the dynamic challenges in the global energy landscape.

Lokpobiri stressed the importance of working closely with OPEC partners to not just meet but surpass oil production goals, aiming for a sustainable and prosperous energy future. 

Note that Nairametrics reported earlier that during the Saudi-Arab-African Economic Conference in Riyadh, Saudi Finance Minister Mohammed Al-Jadaan revealed that the Saudi Fund for Development would finalize agreements amounting to 2 billion riyals ($533 million) with various African nations.

The report also noted that Saudi Energy Minister Prince Abdulaziz bin Salman inked initial agreements during the conference, focusing on energy-related collaboration with countries such as Nigeria, Senegal, Chad, and Ethiopia.
These agreements signify the kingdom’s intentions to foster cooperation and investment in energy initiatives across Africa. 

-Nairametrics

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