President Bola Tinubu, during his stay in Mecca, Saudi Arabia on Monday night, engaged in substantial discussions to advance negotiations for a multi-billion dollar infrastructure finance facility from the Islamic Development Bank. The purpose is to fund a diverse portfolio of infrastructure projects at both federal and sub-national levels in Nigeria.
This positive outcome materialized after President Tinubu conducted substantive investment talks with Dr. Mansur Muhtar, the Vice-President (Country Programs) of the Islamic Development Bank. The discussions took place following the President’s return from evening prayers.
Expressing his vision for Nigeria, President Tinubu emphasized the nation’s pivotal role in illuminating the way for Africa. He asserted the determination to create a promising future for the youth and highlighted Nigeria’s potential to be among the world’s most high-yielding investments. President Tinubu acknowledged the deficits in port infrastructure, power infrastructure, and agro-allied facilities, presenting significant opportunities for savvy investors in the continent’s largest market.
President Tinubu, while acknowledging inherited liabilities, emphasized the nation’s readiness to provide a seamless investment environment. He identified key sectors with investment potential and highlighted the Islamic Development Bank’s crucial role as a partner in progress, calling for an expansion of the partnership with greater ambition.
Responding to President Tinubu’s swift economic reforms, Dr. Mansur Muhtar, the Vice-President of the Islamic Development Bank, commended the President for taking bold steps despite challenging circumstances. He expressed the bank’s readiness to collaborate and support substantial investments in Nigeria, recognizing that the success of Nigeria directly contributes to Africa’s success.
The Vice-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) during the Saudi-Arab-African Economic Summit. With Nigeria being the largest market and economy in Africa, it is anticipated to receive a significant share of this investment, aligning with the bank’s commitment to supporting Nigeria’s economic transformation.
