Nigeria has signed an MoU with Saudi Arabia on oil and gas cooperation.
This was revealed by Sen. Heineken Lokpobiri, Nigeria’s Minister of State for Petroleum Resources in the message shared 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.
“The memorandum outlines these objectives to bolster collaboration and development in Nigeria’s energy domain”:Lokpobiri said.
In his words: “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.
By Ajibola Adedoye