Riyadh, Nov. 10, 2023 – Nigeria has signed a Memorandum of Understanding (MoU) with Saudi Arabia on oil and gas cooperation.
The MoU was signed on Thursday during the on-going Saudi-Arab-African Economic Conference in Riyadh.
The minister said the memorandum was to foster growth and prosperity in Nigeria’s energy industry.
The memorandum is specifically to bolster collaboration and development in Nigeria’s energy sector and specifically aimed at enhancing technological exchange, increased investment flow and strengthened strategic partnership
“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,” the minister said.
