President Bola Tinubu, during his visit to Mecca, Saudi Arabia, engaged in advanced negotiations for a multi-billion dollar infrastructure finance facility from the Islamic Development Bank.
The proposed funding aims to support a diverse range of infrastructure projects at both federal and sub-national levels in Nigeria. The discussions, held with Dr. Mansur Muhtar, the Vice-President (Country Programs) of the Islamic Development Bank, resulted in a positive outcome, as highlighted by presidential spokesman Ajuri Ngelale.
President Tinubu expressed Nigeria’s commitment to becoming a beacon of hope for Africa and emphasized the nation’s determination to create a future for its youth. He outlined significant deficits in port infrastructure, power infrastructure, and agro-allied facilities, presenting lucrative investment opportunities. Tinubu commended the Islamic Development Bank for its past collaboration and envisioned scaling up efforts with greater ambition and clear vision.
Acknowledging the challenges inherited by the current administration, the Vice-President of the Islamic Development Bank praised President Tinubu’s swift and decisive economic reforms, stating that the financial world recognizes Nigeria’s seriousness in business. The Islamic Development Bank announced a $50 billion investment for the African continent, with Nigeria expected to receive a substantial share, considering its status as the largest market and economy in Africa.
President Tinubu expressed gratitude to the Islamic Development Bank management, assuring unwavering commitment to winning investors’ trust and confidence, reminiscent of his successful track record in Lagos State. The Nigerian delegation at the meeting included Governor Bala Mohammed of Bauchi State, Governor Dikko Radda of Katsina State, Governor Umar Bago of Niger State, Minister of Budget & Economic Planning Senator Atiku Bagudu, and others.
