Saudi Arabia and Nigeria have signed a Memorandum of Understanding (MoU) on energy-related cooperation, according to Saudi Arabia’s energy minister, Abdulaziz bin Salman. The MoU was signed during the Saudi-Arab-African economic conference in Riyadh on Thursday.
The MoU covers a wide range of areas, including oil and gas production, refining, and petrochemicals. It also includes cooperation on renewable energy and energy efficiency.
The signing of the MoU is seen as a significant step towards strengthening energy ties between Saudi Arabia and Nigeria. Nigeria is Africa’s largest oil producer, and Saudi Arabia is the world’s largest oil exporter. The two countries are also working together to develop renewable energy projects.
The signing of the MoU comes at a time when the global energy market is facing a number of challenges, including rising oil prices and supply chain disruptions. The MoU is expected to help Saudi Arabia and Nigeria to better cooperate in meeting these challenges.
