• Monday, February 26, 2024
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Tinubu seeks infrastructure financing from Islamic Development Bank

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President Bola Tinubu, on Monday night, in Mecca, Saudi Arabia, advanced negotiations for a multi-billion-dollar infrastructure finance facility to be bankrolled by the Islamic Development Bank (IDB) for a multi-sectoral portfolio of infrastructure projects across the federal and sub-national levels in Nigeria.

Ajuri Ngelale, Special Adviser to the President on Media and Publicity, said the fund is for a multi-sectoral portfolio of infrastructure projects at the federal and sub-national levels in Nigeria.

This development was the outcome of substantive investment discussions held between President Tinubu and the Vice-President (Country Programmes) of the Islamic Development Bank, Mansur Muhtar, on Monday

President Tinubu, who described Nigeria as “the candle of hope that will light the way for Africa, added that “once Africa is illuminated, the world will be a brighter place for all of humanity”.

During the meeting, the President reiterated his administration’s determination to create a future for Nigeria’s gifted youths, adding that “investments in Nigeria will be among the world’s most high-yielding. Investor money will flow easily in and out of our country.

He further assured that the processes would be seamless, as the bank has always been a faithful partner in progress.

“We have serious deficits in port infrastructure, power infrastructure, and agro-allied facilities that will enable sustainable food security in our country.

These deficits present unrivalled opportunities for savvy investors in a market that is by far the largest on the continent. Yes, we had the vision to enable Lekki Deep Seaport before others saw it. We must be bold again.

“We inherited serious liabilities but also assets from our predecessors. We do not make any excuses. There are several sectors replete with investment opportunities for smart investors. Access to finance and guarantees can be a hindrance in some cases. You can come in there.

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“We see you as a critical enabler. You have partnered with us before. We want to scale it up now and do much more with greater ambition and clear vision,” the president stated.

Noting the historic essence of President Tinubu’s swift and decisive economic reforms, the Vice President of the Islamic Development Bank said the financial world has been monitoring events in Nigeria and has concluded that Africa’s largest economy means business this time.

Says his administration ” inherited serious liabilities”

“Mr. President, we know you inherited a very tough set of circumstances. It is to your credit that you have taken very bold steps without delay. We are ready to work with you. We are ready to support big investments in Nigeria. We agree 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 (ACG). This was announced at the Saudi-Arab-African Economic Summit.

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“As the largest market and the largest economy in Africa, Nigeria will certainly receive a significant share. We look forward to supporting Nigeria’s economic transformation,” the Islamic Development Bank Vice President said.

The President concluded by thanking the management of the Islamic Development Bank while pledging the unwavering commitment of his administration to win investors’ trust and confidence, just as he did in Lagos State many years ago.

Members of the Nigerian delegation present at the meeting in Mecca were: Governor Bala Mohammed of Bauchi State; Governor Dikko Radda of Katsina State; Governor Umar Bago of Niger State and Atiku Bagudu, Minister of Budget & Economic Planning, amongst others.