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Nigeria to leverage on U.S facility to address energy problem

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PRESIDENT Muhammadu Buhari says Nigeria will leverage on the United States of America’s (USA) facility to address the current challenges confronting the nation’s power sector.

The President made this statement on Wednesday while speaking at the meeting held on the margins of the Future Investment Initiative (FII) forum.

The Senior Special Adviser to the President on Media and Publicity, Garba Shehu also tweeted about the president’s plan on Thursday.

Buhari expressed the willingness of the Nigerian government to mobilise additional capital from development finance institutions for the upgrade of critical infrastructure in the country.

The president met with the U.S Treasury Secretary, Steven Mnuchin in Riyadh, where they talked about investments in Nigeria under the new, United States Int’l Development Finance Corporation (USIDFC) providing $60bn for investments in developing nations.

President Muhammadu Buhari meets with U.S Treasury Secretary, Steven Mnuchin

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Both leaders discussed strengthening Nigeria’s ongoing collaboration with the U.S to stop the act of financing terrorism.

Buhari appreciated the U.S government’s support to clamp down on terrorism in Nigeria and,  in accessing the $60 billion infrastructure fund under the USIDFC.

Earlier on Wednesday, the president met with King Salman of Saudi Arabia in Riyadh and both spoke about developing relations in the areas of trade, technology, education and agriculture.

Buhari and the Saudi prince reviewed aspects of cooperation between both countries and agreed to advance cooperation in the areas of oil and gas, given the similarities of both countries as big producers of the commodity.

Salman assured the President of the willingness of Saudi Arabia government to invest in Nigeria’s oil and gas sector, strengthening a partnership between the Saudi Energy company, Aramco, and the Nigerian National Petroleum Corporation (NNPC).

The President instructed the Minister of State, Petroleum Resources, Timipre Sylva; the Minister of Industry, Trade and Investment, Niyi Adebayo and the General Managing Director of the NNPC, Mele Kyari to work with the Saudis and expedite modalities for investments.

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