Economy
Saudi Arabia Pledges To Support CBN With Forex Deposit
Saudi Arabia Pledges To Support CBN With Forex Deposit
By Admin
The government of Saudi Arabia has pledged to invest in the revamp of Nigeria’s refineries, as well as provide financial support to sustain the government’s foreign exchange reforms.
The pledges were made by the Crown Prince of Saudi, Mohammed bin Salman, at a bilateral meeting with President Bola Tinubu on the sidelines of the Saudi-Africa Summit in Riyadh.
According to a statement signed by the Minister of Information and national orientation, Alhaji Mohammed Idris Malagi on Friday, Salman promised to support the CBN’s ongoing reforms of Nigeria’s foreign exchange regime.
The Saudi government said it would make available a substantial deposit of foreign exchange to boost Nigeria’s Forex liquidity.
The release said the Prince commended the economic reforms being implemented by President Tinubu, and expressed the commitment of the Saudi government to supporting these reforms, and enabling Nigeria to reap the full benefits.
Idris said: “Prince bin Salman commended the economic reforms being implemented by President Tinubu, and expressed the commitment of the Saudi Government to supporting these reforms, and enabling Nigeria to reap the full benefits.”
“According to him, Saudi Arabia is very eager to see Nigeria thrive under President Bola Tinubu, and realize its full potential as the economic giant of Africa.”
Idris said Salman hinted that the “refinery investments in Nigeria will be led by the Saudi state-owned oil company, Saudi Aramco, with the revamp to be completed within a two- to three-year timeframe”.
“The Crown Prince also expressed appreciation to Nigeria for its active participation in, and support for OPEC+,” he said.
He said Salman revealed that Saudi Arabia’s investment interests in Nigeria are agriculture and renewable energy, which will lead to the attainment of food and energy security.
Idris said Tinubu showed appreciation for the proposed investments, promising Nigeria would ensure judicious management and oversight.
“The two leaders vowed to work together over the next six months to develop a comprehensive road-map and blueprint to deliver on the agreed investments and outcomes,” Idris said.
“Also, President Tinubu and Crown Prince bin Salman spoke on the need to strengthen security cooperation to mitigate terrorism, illegal migration and other crises, not just in Nigeria, but across West Africa and the Sahel region.
“The two leaders further discussed existing economic and socio-cultural cooperation between Nigeria and Saudi Arabia, and agreed to open new vistas in bilateral relations.”
Others present at the bilateral meeting are; Idris; Yusuf Tuggar, minister of foreign affairs; Yahaya Lawal, Nigerian ambassador to Saudi Arabia; and Adekunle Adeleke, the state chief of protocol.
About The Author
Economy
NEPC, KACCIMA trains SMEs, MSMEs in Kano to boost export readiness
The Nigeria Export Promotion Council (NEPC) says it is committed to building the capacity of Small and Medium Enterprises (SMEs) and Micro, Small and Medium Enterprises (MSMEs) to make them export-ready.
Hajiya Amina Abdulmalik, North West Regional Coordinator NEPC, stated this on Thursday in Kano at the Export Competency Development Workshop for SMEs and MSMEs.
She said the workshop was designed to prepare exporters with the knowledge and skills required to take their produce beyond the shores of Nigeria.
“The essence of organizing this workshop is to prepare our exporters, build their capacity, and make them ready to export. By the end of this workshop, I want to see more than half of the participants export-ready,” Abdulmalik said.
She explained that once exporters are able to formally export their products, Nigeria’s trade volume would increase, thereby contributing positively to the nation’s Gross Domestic Product (GDP).
According to her, support for exporters depends on the type of product being exported, stressing that working in clusters makes retention and assistance easier.
“A common center, perhaps with machinery, can help them process their products. It is not feasible to provide individual support, except through the Export Expansion Grant (EEG),” she said.
She added that exporters must formally export their products, repatriate proceeds, and maintain proper accounts to benefit from the EEG, which serves as a financial incentive.
Abdulmalik noted that NEPC had also provided certificates such as the Mandatory Development Certificate (MDE) and the Hazard Analysis and Critical Control Point (HACCP) certificate to participants, especially women.
“These certificates are essential for exporting to Europe and the United States. Without them, individuals would face significant costs, but through our support, many have been able to obtain them,” she said.
Earlier, Alhaji Nura Habib, Vice President of KACCIMA, said this at the Export Competency Development Workshop in Kano, describing the programme as an opportunity to reposition enterprises and compete beyond Nigeria’s borders.
He noted that access to markets begins with access to knowledge, stressing that the workshop would provide insights into procedures, standards, documentation and international expectations.
Habib commended the Nigerian Export Promotion Council (NEPC) for its dedication to promoting non-oil exports and pledged KACCIMA’s support in expanding Nigeria’s export base.
Speaking also, the Director-General of KACCIMA, Alhaji Tijani Abdullahi, said the workshop was designed to enlighten entrepreneurs on formal export processes and regulations.
“We organized this workshop to guide them on the procedures and rules required for effective export business,” he said, adding that many agribusiness operators in Kano were now conducting exports properly.
Sarki explained that KACCIMA provides information on goods required for export, registration processes and compliance with rules and regulations, noting that the initiative had already yielded positive results.
About The Author
Economy
KIRS consolidates Area Tax Offices, recruits 100 staff to drive reforms
The Executive Chairman, Kano State Internal Revenue Service (KIRS), Dr Zaid Abubakar, says the consolidation of Area Tax Offices from 28 to 12 Revenue Service Centres was a strategic move to improve efficiency and oversight.
Abubakar disclosed this at the KIRS Annual Dinner and Awards Night in Kano, noting that the reform was complemented by the recruitment of over 100 new staff to sustain the Service’s transformation agenda.
He explained that the restructuring was part of broader measures that had boosted Internally Generated Revenue (IGR) from N74 billion in 2024 to N102 billion in 2025.
According to him, the Service had also introduced reforms in motor vehicle administration, including faster turnaround for number plate issuance, improved server uptime and deployment of mobile enforcement equipment.
On future plans, Abubakar announced the introduction of an Annual Development Levy of N2,000, with 50 per cent of collections retained at the community level to support grassroots development.
He added that permanent, state-of-the-art Area Offices would be established across the state to replace rented facilities, while integration with the Nigeria Revenue Service would enhance intelligence and data-driven decision-making.
The chairman said the Service was targeting N200 billion in IGR once full institutional autonomy was achieved, commending staff for their dedication and urging them to remain focused.
Speaking also, the Commissioner for Budget and Planning, Alhaji Musa Shanono, commended KIRS for its outstanding performance, describing the achievements as a testament to the agency’s professionalism in enhancing revenue generation.
Shanono lauded Governor Abba Kabir Yusuf for his proactive development strides, highlighting his administration’s commitment to infrastructural expansion, social welfare programmes and economic empowerment initiatives.
Earlier, the Executive Director, Human Resource Services, Hajiya Fatima Ahmad, congratulated the awardees and expressed confidence that the recognition would inspire them to pursue the ambition of N200 billion in IGR.
The News Agency of Nigeria (NAN) reports that the event also featured award presentations to outstanding staff members in recognition of their exceptional performance.
About The Author
Economy
Kano SMEs urged to leverage capital market for wealth creation
Small and Medium Enterprises (SMEs) in Kano have been urged to tap into Nigeria’s capital market as a strategic tool for wealth creation and business expansion.
Alhaji Umaru Kwairanga, Chairman of Nigerian Exchange Group (NGX), made the remarks in Kano on the sidelines of a stakeholders’ meeting themed ‘Unlocking Growth: Harnessing the Capital Market for SME Growth.’”
Kwairanga emphasised that access to capital market instruments could provide SMEs with the funding needed to scale operations and generate sustainable wealth.
The chairman noted that SMEs form the backbone of the Nigerian economy and have the potential to significantly contribute to national economic growth if properly supported.
He added that NGX has designed initiatives to make capital market participation more accessible to businesses across the country.
“Our aim is to engage prospective and listed companies in the NGX, helping them meet the necessary requirements to fully benefit from market opportunities.We want these SMEs to achieve great success, just like Dangote or BUA,” he said.
He highlighted the investment potential in the capital market, citing that last year, companies in the sector, particularly engineering firms, delivered returns exceeding 50 percent.
“Currently, our market has already returned over 30 percent, and we are confident of tripling last year’s performance,” he added.
Kwairanga also cited local success stories such as Jai’s Bank, a non-interest bank listed on the stock exchange. Its shares, initially priced at one unit, have risen to over ten units, illustrating the wealth creation potential of strategic investments.
Stressing the need to engage young people and women, Kwairanga said, “ 70 percent of our population is under 30. If we do not provide these opportunities, we risk producing untapped potential that could become a ‘time bomb’ for the future.” he explained.
About The Author
-
General2 years agoJUST IN: FG Declares Sallah Public Holiday
-
General1 year agoRahma Saidu Apologizes to Kano Government, Lauds PCACC’s Work
-
Economy2 years agoRefinery: NNPC Ltd Targets Sustained Production with New Maintenance & Compliance Measures
-
Agriculture1 year agoNew HJRBDA boss outlines ambitious agenda for agricultural growth, youth empowerment
-
News2 years agoChoose dialogue over protest, Kano groups urge youths
-
Agriculture1 year agoFG trains laboratory technicians , technologists on soil health card scheme
-
General2 years agoActionAid urges youths to harness digital technologies for development
-
Entertainment2 years agoPopular actor, Ali Nuhu appointed as MD Film Corporation
