In a bid to bolster Nigeria’s infrastructure, Bola Ahmed Tinubu has initiated discussions with the Islamic Development Bank (IDB) seeking a multi-billion-dollar infrastructure finance facility.
The discussions, held in Mecca, Saudi Arabia, between Tinubu and IDB’s Vice President (Country Programmes), Mansur Muhtar, centered on funding a diverse portfolio of infrastructure projects at both federal and sub-national levels in Nigeria.
“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,” Tinubu told Muhtar after the evening prayers in Mecca, Saudi Arabia, on Monday.
The Special Adviser to Tinubu on Media and Publicity, Ajuri Ngelale, disclosed this in a statement on Tuesday, titled ‘ Tinubu meets Islamic Development Bank management, negotiates multi-billion dollar funding package for infrastructure.’
Advancing negotiations with the bank, Tinubu said, “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 youths.”
READ:Senate Threatens Full Privatisation of NIPOST Over Continuous Losses
He assured the money-lending institution that “investments in Nigeria will be among the world’s highest-yielding,” adding that “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.”
He admitted “serious deficits in port infrastructure, power infrastructure, and agro-allied facilities that will enable sustainable food security in our country.”
These deficits, Tinubu stated, “present unrivaled opportunity for savvy investors in a market that is by far the largest on the continent.”
Citing the fulfilled vision to enable Lekki Deep Seaport long “before others saw it” the President affirmed that “we must be bold again.
Recalling the past, Tinubu told the IDB delegates that his administration “inherited serious liabilities but also assets from our predecessors. We do not make any excuses.”
On his part, Muhtar noted Tinubu’s economic reforms, affirming that the financial world has been monitoring events in Nigeria and has concluded that Africa’s largest economy means business this time.
The IDB VP also revealed that the bank’s president announced the provision of $50 billion of new investment for Africa from the Arab Coordination Group, promising that Nigeria will get a major share.
“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.
“We look forward to supporting Nigeria’s economic transformation,” the Islamic Development Bank Vice President said.
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; Minister of Budget & Economic Planning; Senator Atiku Bagudu, and others.
Tinubu concluded the meeting by expressing gratitude to the IDB and reiterating his administration’s unwavering commitment to winning investors’ trust and confidence, drawing parallels with his successful track record in Lagos State.