Bola Ahmed Tinubu has lamented the huge challenges he faced when he assumed office, saying that he inherited serious liabilities from his predecessors.
He said Nigeria has serious deficits in port and power infrastructure, as well as agro-allied facilities that will enable sustainable food security in the country.
Tinubu, who declared he would not offer any excuses, pointed out that his government had inherited assets as well.
He made these remarks on Monday night in Mecca, Saudi Arabia, while seeking the support of the Islamic Development Bank for Nigeria’s infrastructure development.
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He said he was negotiating a multi-billion-dollar infrastructure finance facility from the bank to fund a multi-sectoral portfolio of infrastructure projects at the federal and sub-national levels in Nigeria.
Tinubu’s spokesman, Ajuri Ngelale, disclosed the negotiation in a statement on Tuesday.
He said Bola Tinubu had a fruitful discussion with the Vice President (Country Programs) of the Islamic Development Bank, Dr. Mansur Muhtar, after his return from evening prayers.
Tinubu stated, “Nigeria is the candle of hope that will light the way for Africa. And once Africa is illuminated, the world will be a brighter place for all of humanity. We are determined to create a future for our gifted youth.
“Investments in Nigeria will be among the world’s most high-yielding. Investor money will flow easily in and out of our country. Processes will be seamless. And your 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 unrivaled opportunity 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 a clearer vision.”