ENUGU, Nigeria (VOICE OF NAIJA) – President Bola Tinubu has sought a multi-billion dollar infrastructure finance facility from the Islamic Development Bank, (IDB).
This is to fund a multi-sectoral portfolio of infrastructure projects at the federal and sub-national levels in Nigeria.
The development, therefore, formed the crux of discussions between Tinubu and the Vice-President (Country Programmes) of the Islamic Development Bank, Mansur Muhtar.
āThere are several sectors replete with investment opportunities for smart investors Access to finance and guarantees can be a hindrance in some cases.
āYou can come in there. We see you as a critical enabler,ā Tinubu told Muhtar after the evening prayers in Mecca, Saudi Arabia, on Monday.
This was disclosed by the Special Adviser to the President on Media and Publicity, Ajuri Ngelale, in a statement on Tuesday, titled āPresident Tinubu meets Islamic Development Bank management, negotiates multi-billion dollar funding package for infrastructure.ā
Advancing negotiations with the bank, the President said, āNigeria 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.
āWe are determined to create a future for our gifted youths.ā
READ ALSO: We Need Hard Work, Prayers To Actualise Nigeriaās Potentials ā Tinubu
He assured the money-lending institution that āInvestments in Nigeria will be among the worldās most high-yieldingā adding that āInvestor 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.ā
He admitted āserious deficits in port infrastructure, power infrastructure, and agro-allied facilities that will enable sustainable food security in our country.ā
These deficits, Tinubu said, āpresent unrivalled opportunity for savvy investors in a market that is by far the largest on the continent.ā
Citing the fulfilled vision to enable Lekki Deep Seaport long ābefore others saw itā the President affirmed that āWe must be bold again.ā
Reminiscing on the past, Tinubu told the IDB delegates that his administration āinherited serious liabilities, but also assets from our predecessors. We do not make any excuses.ā
On his part, Muhtar noted Tinubuās swift and decisive economic reforms, affirming that the financial world has been monitoring events in Nigeria and has concluded that Africaās largest economy means business this time.
He remarked, āMr. 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.
READ ALSO: Iāll Transform Nigeriaās Economy, Itās Still Crawling ā Tinubu
āWe are ready to work with you. We are ready to support big investments in Nigeria.
āWe agree that if Nigeria succeeds, Africa succeeds. And the world needs Africa to succeed.ā
The IDB VP also revealed that the Bankās President announced the provision of $50bn of new investment for Africa from the Arab Coordination Group, promising that Nigeria will get a major share.
āThis was announced at the Saudi-Arab-African Economic Summit.
āAs the largest market and the largest economy in Africa, Nigeria will certainly receive a significant share.
āWe look forward to supporting Nigeriaās economic transformationā, said the Islamic Development Bank Vice-President.
Tinubu concluded by thanking the IDB while pledging the unwavering commitment of his administration to win investorsā trust and confidence, just as he did in Lagos State many years ago.
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.