In an unprecedented move, President Bola Tinubu of Nigeria advanced negotiations with the Islamic Development Bank on Monday night in Mecca, Saudi Arabia, securing a multi-billion dollar infrastructure finance facility. This facility aims to fund a range of infrastructure projects at both the federal and sub-national levels in Nigeria.
The negotiations were the result of substantive investment discussions held between President Tinubu and Dr. Mansur Muhtar, the Vice-President of the Islamic Development Bank. These discussions took place after the President’s return from evening prayers.
President Tinubu expressed his determination to create a brighter future for Nigeria’s gifted youths, describing Nigeria as the “candle of hope” that would light the way for Africa. He emphasized that investments in Nigeria would be highly profitable and that the country presented a unique market opportunity for savvy investors.
“We have serious deficits in port infrastructure, power infrastructure, and agro-allied facilities that will enable sustainable food security in our country,” the President stated. “These deficits present an unrivaled opportunity for smart investors in a market that is by far the largest on the continent.”
The Vice-President of the Islamic Development Bank applauded President Tinubu for his swift and decisive economic reforms, stating that the financial world had been closely monitoring events in Nigeria and had concluded that the country meant business this time. The Vice-President also announced that the Arab Coordination Group (ACG) would provide $50 billion of new investment for the African continent, with Nigeria expected to receive a significant share.
The President thanked the Islamic Development Bank management for their support and pledged his administration’s unwavering commitment to winning investors’ trust and confidence.
Among 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, and Senator Atiku Bagudu, the Minister of Budget & Economic Planning.
