[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]  Masu Zafi 🔥🔥 [@masuzafi](/creator/twitter/masuzafi) on x 56.8K followers Created: 2025-07-19 06:30:44 UTC X. The Tinubu administration announced in November 2023 that Saudi Arabia had pledged to invest in revamping Nigeria's state-owned refineries (led by Saudi Aramco) and provide financial support to bolster the Central Bank of Nigeria's (CBN) foreign exchange reforms, following President Tinubu's attendance at the Saudi-Africa Summit in Riyadh. X. However, this claim was quickly fact-checked and deemed false and misleading. The announcement overstated the outcomes of the summit, where Tinubu participated alongside other African leaders in broad discussions on potential investment opportunities across the continent. There was no exclusive bilateral meeting with Crown Prince Mohammed bin Salman specifically for Nigeria, and no explicit agreements were reached for refinery investments or CBN support. Saudi sources, including the Saudi Gazette, confirmed that any referenced $X billion initiative was in early stages and applied to Africa generally, without country-specific commitments or details on financing for Nigeria. X. Subsequent developments appear to have reframed the "intent" as negotiations for a $X billion oil-backed loan from Saudi Aramco, which could potentially fund refinery upgrades, budget support, or forex liquidity—aligning with the types of uses for such loans. X. As of July 2025, these talks remain stalled due to a sharp drop in global oil prices (Brent crude falling about XX% to around $XX per barrel from over $XX earlier in the year), raising concerns among co-funding banks about Nigeria's ability to secure the required oil volumes (at least XXXXXXX barrels per day) as collateral. Nigeria's ongoing production challenges, under-investment in its oil sector, and existing oil-backed debts (using at least XXXXXXX barrels per day for repayments) have further complicated the deal. X. No firm investment or loan has materialized to date, and Nigeria's state refineries (Port Harcourt, Warri, and Kaduna) continue to be non-operational despite billions spent on rehabilitation efforts. X. Don't be misled by Alhaji Bayo Onanuga or any member of the Tinubu wrecking crew. X. And like @BashirAhmaad said in one of his recent posts, Indeed, Buhari's image played a key role in the country's relationship with Saudi Arabia. Because as of mid July 2025, Saudi's Halal Economy is nowhere invested or injected into the Haram bats stream. Cardi B can testify to this.  XXXXX engagements  **Related Topics** [bank of](/topic/bank-of) [$2223sr](/topic/$2223sr) [investment](/topic/investment) [saudi arabia](/topic/saudi-arabia) [Post Link](https://x.com/masuzafi/status/1946457660687356135)
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Masu Zafi 🔥🔥 @masuzafi on x 56.8K followers
Created: 2025-07-19 06:30:44 UTC
X. The Tinubu administration announced in November 2023 that Saudi Arabia had pledged to invest in revamping Nigeria's state-owned refineries (led by Saudi Aramco) and provide financial support to bolster the Central Bank of Nigeria's (CBN) foreign exchange reforms, following President Tinubu's attendance at the Saudi-Africa Summit in Riyadh.
X. However, this claim was quickly fact-checked and deemed false and misleading. The announcement overstated the outcomes of the summit, where Tinubu participated alongside other African leaders in broad discussions on potential investment opportunities across the continent. There was no exclusive bilateral meeting with Crown Prince Mohammed bin Salman specifically for Nigeria, and no explicit agreements were reached for refinery investments or CBN support. Saudi sources, including the Saudi Gazette, confirmed that any referenced $X billion initiative was in early stages and applied to Africa generally, without country-specific commitments or details on financing for Nigeria.
X. Subsequent developments appear to have reframed the "intent" as negotiations for a $X billion oil-backed loan from Saudi Aramco, which could potentially fund refinery upgrades, budget support, or forex liquidity—aligning with the types of uses for such loans.
X. As of July 2025, these talks remain stalled due to a sharp drop in global oil prices (Brent crude falling about XX% to around $XX per barrel from over $XX earlier in the year), raising concerns among co-funding banks about Nigeria's ability to secure the required oil volumes (at least XXXXXXX barrels per day) as collateral. Nigeria's ongoing production challenges, under-investment in its oil sector, and existing oil-backed debts (using at least XXXXXXX barrels per day for repayments) have further complicated the deal.
X. No firm investment or loan has materialized to date, and Nigeria's state refineries (Port Harcourt, Warri, and Kaduna) continue to be non-operational despite billions spent on rehabilitation efforts.
X. Don't be misled by Alhaji Bayo Onanuga or any member of the Tinubu wrecking crew.
X. And like @BashirAhmaad said in one of his recent posts, Indeed, Buhari's image played a key role in the country's relationship with Saudi Arabia. Because as of mid July 2025, Saudi's Halal Economy is nowhere invested or injected into the Haram bats stream.
Cardi B can testify to this.
XXXXX engagements
Related Topics bank of $2223sr investment saudi arabia