President Bola Tinubu on Monday, sought a multi-billion dollar infrastructure finance facility from the Islamic Development Bank to fund a multi-sectoral portfolio of infrastructure projects at the federal and sub-national levels in Nigeria.
The discussion on this matter took place between Tinubu and the Vice-President (Country Programmes) of the Islamic Development Bank, Mansur Muhtar.
During their meeting in Mecca, Saudi Arabia, President Tinubu expressed the need for financial support, especially in sectors with substantial investment opportunities. He emphasized the role of finance and guarantees as potential obstacles to investment and urged the Islamic Development Bank to play a critical role as an enabler.
In a statement titled ‘President Tinubu meets Islamic Development Bank management, negotiates multi-billion dollar funding package for infrastructure,’ the Special Adviser to the President on Media and Publicity, Ajuri Ngelale, revealed that Tinubu conveyed his determination to create a promising future for the youth of Nigeria. He further assured the bank that investments in Nigeria would be highly profitable, with a smooth and seamless process.
Acknowledging the existing deficits in port infrastructure, power infrastructure, and agro-allied facilities, President Tinubu highlighted the unparalleled opportunities available for savvy investors in the largest market on the African continent. He also mentioned the fulfilled vision of enabling the Lekki Deep Seaport and emphasized the need for boldness in pursuing new opportunities.
Speaking about the economic reforms implemented by Tinubu’s administration, Muhtar, the IDB VP, acknowledged the bold steps taken and expressed readiness to support significant investments in Nigeria. He underscored the importance of Nigeria’s success for the prosperity of Africa and the world, affirming the Islamic Development Bank’s commitment to supporting Nigeria’s economic transformation. Muhtar also disclosed the provision of $50bn of new investment for Africa from the Arab Coordination Group, with Nigeria expected to receive a substantial share.
President Tinubu concluded the meeting by expressing gratitude to the Islamic Development Bank and reaffirming his administration’s unwavering commitment to winning investors’ trust and confidence. The Nigerian delegation present 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.
