Nigeria and the Government of the Kingdom of Saudi Arabia have signed a pact on oil and gas sector investments.
The cooperative framework outlined in the Memorandum of Understanding (MoU) encompasses joint research and development initiatives, knowledge-sharing platforms and capacity-building programmes.
Minister for State Petroleum Resources (Oil), Senator Heineken Lokpobiri, signed on Nigeria’s behalf; Saudi’s Energy Minister, Prince Abdulaziz bin Salman, signed for his government.
Lokpobiri’s Special Adviser, Nneamaka Okafor, said in a statement yesterday that the deal was signed in Rydyya, Saudi Arabia.
It reads: “One of the primary benefits anticipated from this landmark agreement is the facilitation of technological exchange.
“With Saudi Arabia boasting advanced technologies in oil and gas exploration and production, Nigeria stands to gain significantly from this knowledge transfer.
“The exchange of technical expertise is poised to elevate the efficiency and effectiveness of Nigeria’s energy operations, ultimately contributing to increased production levels and global competitiveness.
“The MoU is expected to attract substantial foreign direct investment into Nigeria’s oil and gas sector.
“Saudi Arabia, being a key player in the global energy market, holds the potential to channel significant investments into Nigeria, thereby stimulating economic growth, job creation and infrastructural development.
Lokpobiri added that the MoU outlines a commitment to environmental sustainability and responsible resource management.
The statement added: “Both nations have agreed to work together on adopting and implementing best practices in environmental conservation, ensuring that oil and gas activities are conducted in an eco-friendly manner.
“This reflects a shared vision for a greener and more sustainable energy industry, aligning with global efforts to address climate change and promote cleaner energy alternatives.
“For the people of Nigeria, this MoU promises a brighter and more prosperous future.
“The anticipated increase in production levels will secure a more reliable energy supply and contribute to reducing dependency on imports.
“This, in turn, is expected to stabilise fuel prices and enhance energy security, providing tangible benefits to Nigerian households and businesses alike.”