President Bola Tinubu, during his visit to Mecca, Saudi Arabia, has made significant progress in securing a multi-billion dollar infrastructure finance facility from the Islamic Development Bank. The funding aims to support a wide range of infrastructure projects at both federal and sub-national levels in Nigeria.
In discussions with the Vice-President (Country Programs) of the Islamic Development Bank, Dr. Mansur Muhtar, President Tinubu emphasized Nigeria’s pivotal role as a beacon of hope for Africa. He expressed determination to create a bright future for the country’s youth and highlighted the high potential for lucrative investments within Nigeria’s market, which is the largest on the continent.
President Tinubu also acknowledged the challenges in port infrastructure, power facilities, and agro-allied resources, while emphasizing the abundant investment opportunities available in these sectors. He stressed the need for seamless processes and recognized the Islamic Development Bank as a crucial partner in progress.
Recognizing the tough circumstances inherited by President Tinubu, the Vice-President of the Islamic Development Bank commended the bold and swift economic reforms initiated by the Nigerian government. He expressed readiness to collaborate and support substantial investments in Nigeria, underscoring the significance of Nigeria’s success for the entire African continent.
Furthermore, the Islamic Development Bank President revealed the provision of $50 billion U.S. Dollars of new investment for the African continent from the Arab Coordination Group (ACG), with Nigeria expected to receive a significant allocation due to its status as the largest market and economy in Africa.
In conclusion, President Tinubu expressed gratitude to the Islamic Development Bank and assured unwavering commitment from his administration to earn the trust and confidence of investors, reflecting on his successful track record in Lagos State.
Accompanying President Tinubu were notable members of the Nigerian delegation including Governor Bala Mohammed of Bauchi State, Governor Dikko Radda of Katsina State, Governor Umar Bago of Niger State, and Minister of Budget & Economic Planning, Senator Atiku Bagudu.
The fruitful discussions in Mecca mark a significant step towards boosting Nigeria’s infrastructure development and economic transformation, with the stage set for enhanced collaboration with the Islamic Development Bank.
