Monday, December 11, 2023
HomeEconomyNigeria seeks multi-billion dollar IDB facility for infrastructure boost

Nigeria seeks multi-billion dollar IDB facility for infrastructure boost

RIYADH – Nigeria is advancing negotiations with the Islamic Development Bank (IDB) to secure a multi-billion dollar finance facility aimed at funding a broad array of infrastructure projects within the country. President Bola Tinubu, who has been actively engaging with IDB officials, underscored Nigeria’s potential as an attractive destination for investments.

The discussions, which took place in Makkah on Monday after evening prayers, involved President Tinubu and Dr. Mansur Muhtar, Vice-President of the IDB. They explored Nigeria’s pressing infrastructure needs in sectors such as ports, power, and agriculture. President Tinubu conveyed the strategic importance of projects like the Lekki Deep Seaport and presented his administration’s ‘no excuses’ policy towards economic reforms.

Following these discussions, on Tuesday in Riyadh, Ajuri Ngelale, the Presidential spokesperson, announced the progress made in these talks. He highlighted President Tinubu’s focus on presenting Nigeria as fertile ground for investment and detailed his rapid implementation of economic reforms. In response to Nigeria’s initiatives, Dr. Muhtar affirmed IDB’s commitment to supporting the country’s development goals and acknowledged the bank’s longstanding partnership with Nigeria.

A State House Press Release revealed that President Tinubu is negotiating for a significant finance facility from the IDB to support various infrastructure projects across Nigeria. Coinciding with these negotiations, the Islamic Development Bank announced a substantial $50 billion investment from the Arab Coordination Group (ACG) during the Saudi-Arab-African Economic Summit. Nigeria is poised to receive a considerable portion of this investment, which is expected to increase investor money flow into the country.

The Nigerian delegation at these pivotal meetings included prominent figures such as Governors Bala Mohammed, Dikko Radda, Umar Bago, and Senator Atiku Bagudu. This high-level engagement underscores the importance of these negotiations for Nigeria’s infrastructural and economic development plans.

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