Nigeria has signed an MoU with Saudi Arabia on oil and gas cooperation

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

By Omono Okonkwo |

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.”

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