President Bola Tinubu has advanced negotiations concerning a multi-billion-dollar infrastructure finance facility from the Islamic Development Bank in Saudi Arabia.
The fund is a multi-sectoral portfolio of infrastructure projects at the federal and sub-national levels in Nigeria.
A statement by the President’s spokesman, Ajuri Ngelale, says the development was the outcome of substantive investment discussions, held between President Tinubu and the Vice President of Country Programmes of the Islamic Development Bank, Dr Mansur Muhtar.
“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. 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.”
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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.
“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 will succeed. And the world needs Africa to succeed.”
“The President of the Islamic Development Bank 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.
As the largest market and the largest economy in Africa, Nigeria will certainly receive a significant share.
The Islamic Development Bank Vice President said they look forward to supporting Nigeria’s economic transformation.
(Editor: Ifeanyi Mark)
