Nigeria’s President, Bola Ahmed Tinubu has advanced Investment negotiations with the Islamic Development Bank.
A statement by Spokesperson of the President, Ajuri Ngelale, stated that President Tinubu secured multi-billion-dollar financing from the Islamic Development Bank to fund multi-sectoral infrastructure projects at the federal and sub-national levels across Nigeria.
Ngelale said that during the Monday meeting held in Mecca, Saudi Arabia, President Tinubu met with the Vice-President (Country Programs) of the Islamic Development Bank, Dr. Mansur Mukhtar.
During the discussion, the Nigerian Leader identified investment opportunities in port infrastructure, power infrastructure, and agro-allied facilities that will enable sustainable food security in Nigeria, adding that these deficits present opportunities for investors in Africa’s most populous nation.
President Tinubu stressed that Nigeria is determined to create a future for the youths with seamless investment processes.
“Nigeria is the candle of hope that will light the way for Africa. And once Africa is illuminated, the world will be a brighter place for all of humanity. We are determined to create a future for our gifted youths. Investments in Nigeria will be among the world’s most high-yielding. Investor money will flow easily in and out of our country. Processes will be seamless. And your bank has always been a faithful partner in progress.
“We have serious deficits in port infrastructure, power infrastructure, and agro-allied facilities that will enable sustainable food security in our country. These deficits present an unrivalled opportunity for savvy investors in a market that is by far the largest on the continent. Yes, we had the vision to enable Lekki Deep Seaport before others saw it. We must be bold again.
The President reaffirmed Nigeria’s readiness to scale up its partnership with the organisation with a clearer vision.
“We inherited serious liabilities, but also assets from our predecessors. We do not make any excuses. There are several sectors replete with investment opportunities for smart investors. Access to finance and guarantees can be a hindrance in some cases. You can come in there. We see you as a critical enabler. You have partnered with us before. We want to scale it up now and do much more with greater ambition and clear vision,” the President added.
The Vice-President of the Islamic Development Bank said the financial world has been monitoring turnout in Nigeria and has concluded that Africa’s largest now means more business than ever.
The IDB announced the provision of $50 billion of new investment for the African continent from the Arab Coordination Group (ACG).
“Mr. President, we know you inherited a very tough set of circumstances. It is to your credit that you have taken very bold steps without delay. We are ready to work with you. We are ready to support big investments in Nigeria. We agree that if Nigeria succeeds, Africa will succeed. And the world needs Africa to succeed.
“The Islamic Development Bank President announced the provision of $50 billion U.S. Dollars of new investment for the African continent from the Arab Coordination Group (ACG). This was announced at the Saudi-Arab-African Economic Summit. As the largest market and the largest economy in Africa, Nigeria will certainly receive a significant share. We look forward to supporting Nigeria’s economic transformation,” the Islamic Development Bank Vice-President said.
President Tinubu concluded by thanking the Islamic Development Bank management while pledging the commitment of his administration to win investors’ trust and confidence.
Members of the Nigerian delegation present at the meeting in Mecca were: 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.
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