President Bola Tinubu of Nigeria has advanced negotiations concerning 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 development was the outcome of substantive investment discussions held between President Tinubu and the Vice-President (Country Programs) of the Islamic Development Bank, Dr. Mansur Muhtar, after the President’s return from evening prayers in Mecca, Saudi Arabia on Monday night.
President Tinubu said that Nigeria is the candle of hope that will light the way for Africa and that investments in Nigeria will be among the world’s most high-yielding. He acknowledged that Nigeria has serious deficits in port infrastructure, power infrastructure, and agro-allied facilities that will enable sustainable food security in the country.
Dr. Muhtar said that the financial world has been monitoring events in Nigeria and has concluded that Africa’s largest economy means business this time. He said that the Islamic Development Bank is ready to support big investments in Nigeria and that the bank agrees that if Nigeria succeeds, Africa succeeds. 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 at the Saudi-Arab-African Economic Summit. As the largest market and the largest economy in Africa, Nigeria will certainly receive a significant share.
President Tinubu concluded by thanking the Islamic Development Bank management while pledging the unwavering commitment of his administration to win investors’ trust and confidence.