Riyadh, Nov. 15, 2023 – President Bola Tinubu has started negotiations for multi-billion dollar loans from the Islamic Development Bank (IDB) for infrastructure development.
Ajuri Ngelale, the Presidential Spokesman, disclosed this in Riyadh, Saudi Arabia, on Tuesday through a press statement.
He said Tinubu started the negotiations in a meeting with the Vice-President (Country Programs) of the IDB, Dr Mansur Muhtar in Makka on Monday.
Tinubu called on the bank to assistant Nigeria as the country needed funds for the development of key infrastructure.
“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.
Muhtar commended Tinubu for the economic reforms in Nigeria since his assumption of office.
He, however, said that Nigeria still had some daunting challenges ahead and promised that the bank could assist.
“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.” (GBN)
