President Bola Tinubu has successfully negotiated a multi-billion dollar infrastructure finance facility with the Islamic Development Bank, aiming to support diverse infrastructure projects at federal and sub-national levels in Nigeria.
The discussions, held in Saudi Arabia between President Tinubu and Dr. Mansur Muhtar, the Vice-President (Country Programs) of the Islamic Development Bank, culminated in this significant development.
Presidential spokesman, Mr. Ajuri Ngelale, stated that President Tinubu envisions Nigeria as a beacon of hope for Africa, emphasizing the potential for high-yielding investments in the country. The funding will address deficits in port, power, and agro-allied infrastructure, enhancing sustainable food security.
President Tinubu acknowledged both challenges and opportunities inherited from predecessors, expressing eagerness to collaborate with the Islamic Development Bank as a critical enabler for scaling up investments.
Dr. Muhtar commended President Tinubu’s swift economic reforms, emphasising the readiness of the Islamic Development Bank to support substantial investments in Nigeria and announcing the Bank’s intentions to invest a $50 billion in the African continent, with Nigeria expected to receive a significant share.
President Tinubu expressed gratitude to the Islamic Development Bank management, reaffirming his administration’s unwavering commitment to gaining investors’ trust and confidence.
