FACT CHECK: Has The Saudi Government Agreed To Invest In Nigeria’s Refineries & Support CBN’s Reforms?

VERDICT: FALSE & MISLEADING

PLOT: The Nigeria Television Authority (NTA) had on 10th November 2023 reported via X (formerly Twitter) that Bola Ahmed Tinubu had secured investment from the government of the Kingdom of Saudi Arabia after meeting with the crown prince of the oil rich Gulf state, Crown Prince Mohammed bin Salman on 10th November 2023.

First of all, it is important to note that Bola Ahmed Tinubu didn’t meet exclusively with the crown prince of Saudi Arabia as portrayed by NTA, but rather with other African Heads-of-States who attended the ‘Saudi-Africa Summit’ organized by the kingdom to foster investmentopportunities between the continent and the oil rich kingdom.

As verified from the Kingdom of Saudi Arabia’s official press, Saudi Gazette, no explicit agreement was or has been reached between Nigeria and Saudi Arabia for investment in Nigeria’s refineries or the CBN, as per NTA’s report.

Further investigation reveals that the blueprint laid out for the project encompasses Africa as a continent without particularly specifying what projects & financing goes to which member countries in the Africa Union (AU).

CONCLUSION: While this arrangement seems to offer a lot of promise for Africa as a continent, the $1bn project is only in its initiative stage and has not been fine-tuned to cater for specifics, thus no tacit agreement has been reached for any specific project in Nigeria. Reportera can exclusively report that this claim by NTA is FALSE & MISLEADING.

[Check thread for Saudi Gazette report].












https://x.com/ReporteraNews/status/1723099630487908824?t=L_sMe87Ao9R3lxF_-3EFrw&s=08

I said it here that day that all that was pushed out here was the usual criminal structure media scam.

Tinubu went there snap photo to fool his hungry people.
His scam media team carefully cut out that photo like he had a personal thing with the crown Prince.

Feintline:
Tinubu and his team scamming Nigerians with fake newsupon fake news.

I can assure you that this report of Saudi personal deals with Nigeria are blatant lies.

There is nothing like that anywhere.
Mozambique got a deal of close to 160m dollars.
While Gabon is pushing for sanctions to be removed from them.

Tinubu government rose to power on lies, falsehood, deceit and propaganda and they continued on that pattern to rule the country

NTA has done more harm than good to this country!

No one is going to invest heavily in refineries so long as the downstream is not allowed freedom to set its prices.

Niger republic has a working refinery, because they sell petrol from that refinery at market price. That's why the chinese agreed to invest in the refinery, because they know they will get their money back.

Investors always invest in the hope that their cash would come back to them. At the end, it is all about them, not about you.

APC meanwhile is doing price controls by style. You expect investors to come in?

I pity Dangote and the other refineries, when they come on stream. Nigerians love for cheap fuel is going to ruin them

NTA spreading misleading information

$14B from India.
$20B from Saudi Arabia.

Yet no traceable investments or improvement. Yahoo yahoo regime.