In a significant move on Monday night in Mecca, Saudi Arabia, President Bola Tinubu engaged in negotiations with the Islamic Development Bank to secure a multi-billion dollar infrastructure finance facility. The funds are intended to support a diverse range of infrastructure projects at both federal and sub-national levels in Nigeria.
According to a statement from the Special Adviser to the President on Media and Publicity, Ajuri Ngelale, President Tinubu’s discussions with Dr. Mansur Muhtar, the Vice-President (Country Programs) of the Islamic Development Bank, took place after the President’s return from evening prayers.
President Tinubu emphasized Nigeria’s role as a beacon of hope for Africa and expressed determination to create opportunities for the country’s youth. The talks centered around addressing deficits in port infrastructure, power infrastructure, and agro-allied facilities critical for sustainable food security.
President Tinubu acknowledged the challenges inherited from predecessors but highlighted the vast investment opportunities in various sectors. He called for the Islamic Development Bank to play a pivotal role as a critical enabler, emphasizing the need for increased collaboration and expanded ambition.
The Vice-President of the Islamic Development Bank praised President Tinubu’s swift economic reforms, recognizing Nigeria’s commitment to business. He announced a $50 billion U.S. Dollars investment for the African continent from the Arab Coordination Group, with Nigeria expected to receive a substantial share due to its position as the largest market and economy in Africa.
President Tinubu expressed gratitude to the Islamic Development Bank and reiterated his administration’s commitment to winning investors’ trust and confidence. The Nigerian delegation 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.