President Bola Tinubu has successfully negotiated a groundbreaking multi-billion-dollar finance facility with the Islamic Development Bank (IDB) to address critical infrastructure gaps across Nigeria. The historic talks occurred in Makka on Monday, featuring President Tinubu and Dr. Mansur Muhtar, the Vice-President (Country Programs) of the IDB. This significant development was disclosed by Chief Ajuri Ngelale, Special Adviser to the President on Media and Publicity, in Riyadh, Saudi Arabia, on Tuesday.
In this pivotal negotiation, President Tinubu articulated the pressing need for substantial investment in a diverse range of infrastructure projects at both federal and sub-national levels. The sought-after multi-million-dollar facility is earmarked for funding initiatives spanning various sectors crucial to Nigeria’s development.
During the discussions, President Tinubu expressed confidence in Nigeria’s economic prospects, emphasizing its appeal as a beacon of hope for high-yielding investments. He highlighted areas of concern such as port infrastructure, power facilities, and agro-allied infrastructure essential for ensuring sustainable food security in the nation. President Tinubu presented these deficits as unparalleled opportunities for astute investors in a market that stands as the continent’s largest.
Acknowledging the challenges inherited by his administration, President Tinubu refrained from making excuses and instead underscored the potential across multiple sectors for investors with foresight. He identified access to finance and guarantees as potential hindrances and called on the IDB to play a critical role in overcoming these challenges.
President Tinubu reminisced about the IDB’s previous collaborations with Nigeria, expressing a desire to elevate and expand the partnership. He outlined ambitious plans and a clear vision for the future, seeking increased collaboration with the IDB to catalyze transformative development.
In response, Dr. Mansur Muhtar commended President Tinubu’s prompt and decisive economic reforms. He noted that the financial world has been closely monitoring Nigeria’s recent developments and affirmed that Africa’s largest economy is serious about business this time. Muhtar expressed the IDB’s readiness to collaborate and support substantial investments in Nigeria, recognizing the country’s pivotal role in the success of the African continent.
Highlighting the IDB’s commitment to Africa’s economic transformation, Muhtar announced the provision of $50 billion in new investments for the African continent from the Arab Coordination Group (ACG). This significant commitment was unveiled at the Saudi-Arab-African Economic Summit, reflecting the IDB’s dedication to supporting Africa’s growth.
As the largest market and economy in Africa, Nigeria is poised to receive a substantial share of the $50 billion investment. Muhtar reiterated the IDB’s eagerness to contribute to Nigeria’s economic transformation and emphasized the interconnectedness of Nigeria’s success with the prosperity of the entire African continent.
Accompanying President Tinubu to the pivotal meeting in Mecca were key members of the Nigerian delegation, including Governors Bala Mohammed of Bauchi State, Dikko Radda of Katsina State, Umar Bago of Niger, and the Minister of Budget & Economic Planning, Sen. Atiku Bagudu.
This momentous negotiation marks a significant step toward addressing Nigeria’s infrastructure deficits and fostering economic growth through strategic partnerships with international financial institutions like the IDB. President Tinubu’s bold initiatives and the IDB’s commitment signal a promising era for Nigeria’s economic development and its pivotal role in shaping the trajectory of the African continent. Infostride News will continue to monitor and report on these transformative developments as they unfold.
Support InfoStride News' Credible Journalism: Only credible journalism can guarantee a fair, accountable and transparent society, including democracy and government. It involves a lot of efforts and money. We need your support. Click here to Donate