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Business News of Wednesday, 15 November 2023


Tinubu in advance talks with Islamic Development Bank for multi-billion-dollar infrastructure funding

President Bola Tinubu President Bola Tinubu

President Bola Tinubu has negotiated for a multi-billion-dollar finance facility from the Islamic Development Bank (IDB) to gaps in infrastructure across the country.

The negotiations between President Tinubu and the Vice-President (Country Programs) of the IDB, Dr Mansur Muhtar took place in Makka on Monday, according to a statement by Chief Ajuri Ngelale, Special Adviser to President on Media and Publicity, on Tuesday in Riyadh, Saudi Arabia.

Nairametrics gathered that the multi-million-dollar facility President Tinubu seeks from IDB is to be used to fund a multi-sectoral portfolio of infrastructure projects at the federal and sub-national levels.

“Nigeria is the candle of hope 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 unrivalled opportunities 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 clear vision,” the President stated.

IDB’s declaration of readiness to support investments in Nigeria

In his remarks, Muhtar lauded President Tinubu’s swift and decisive economic reforms and stated the financial world has been monitoring events in Nigeria and has concluded that Africa’s largest economy means business this time.

“Mr 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.

“We are ready to work with you. We are ready to support big investments in Nigeria. We agree that if Nigeria succeeds, Africa will succeed. And the world needs Africa to succeed.

“The Islamic Development Bank President announced the provision of 50 billion Dollars of new investment for the African continent from the Arab Coordination Group (ACG). 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 IDB Vice-President said.

The members of the Nigerian delegation that accompanied President Tinubu to the meeting in Mecca were 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.