President Bola Tinubu has advanced negotiations with the Islamic Development Bank in financing multi-sectoral portfolio of infrastructure projects at federal and sub-national levels in Nigeria.
A statement by the Special Advicer to the President (Media & Publicity) Ajuri Ngelale, said the negotiations was the outcome of substantive investment discussions between President Tinubu and the Vice-President of the Islamic Development Bank, Dr. Mansur Muhtar, late Monday evening.
Tinubu, who described Nigeria as the candle of hope that will light the way for Africa, said investment into Nigeria infrastructure will be world’s most high-yielding, making Africa a brighter place for all of humanity.
President Tinubu addded that the investment capital will flow easily in and out of the country at the same time making all infrastructural processes seamless.
Tinubu explained Nigeria’s deficits in port infrastructure, power infrastructure, and agro-allied facilities noting that the deficits woukd provide an unrivalled opportunity for investors in Nigeria and by extention, Africa which is the largest market on the continent.
Noting several Nigerian sectors replete with investment opportunity for investors, Tinubu sought a renewed patnership with the IDB, stating the nation’s readiness to scale up infrastructural development with greater ambition and clear vision.
According to him: 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. 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 unrivalled 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 opportunity 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.”
Responding, Vice-President of the Islamic Development Bank, Dr. Mansur Muhtar applauded the historic essence of Tinubu’s swift and decisive economic reforms, stating that the financial world has been monitoring events in Nigeria.
Muhtar assured of IDB’s readiness to work with Nigeria by supporting big investments in the country noting the need for the success of Nigeria is paramount to Africa’s success.
He also promised to support Nigeria’s economic transformation by dedicating a significant share from $50 billion new investment for the African continent from the Arab Coordination Group to the country.
“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 succeeds. And the world needs Africa to succeed.
“The Islamic Development Bank President announced the provision of $50 billion U.S. 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 Islamic Development
Hafsoh Isiaq is a graduate of Linguistics. An avid writer committed to creative, high-quality research and news reportage. She has considerable experience in writing and reporting across a variety of platforms including print and online.