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  • World - Asia
  • Updated: November 14, 2023

Tinubu meets Saudi Islamic Development Bank management, negotiates multi-billion dollar funding deal

Tinubu meets Saudi Islamic Development Bank management, nego

Negotiations for a multibillion-dollar infrastructure funding facility from the Islamic Development Bank to finance a multisectoral portfolio of infrastructure projects at the federal and subnational levels in Nigeria were advanced by President Bola Tinubu on Monday night in Mecca, Saudi Arabia.

Following the President's return from evening prayers, President Tinubu and Dr. Mansur Muhtar, the Vice-President (Country Programmes) of the Islamic Development Bank, had in-depth investment discussions that led to this development.

"Nigeria is the beacon of hope that will guide Africa. And once Africa is enlightened, the globe as a whole will be a brighter place for everyone. We are dedicated to providing a future for our brilliant children. 

"Nigerian investments will be among the highest-yielding in the world. Investor capital will move freely into and out of our country. The processes will be smooth. And your bank has always been a reliable progress partner.

"We have significant gaps in port infrastructure, power infrastructure, and agro-allied facilities that will enable our country to achieve long-term food security.

"These shortfalls give an unprecedented opportunity for astute investors in the continent's largest economy. Yes, we spotted the potential of Lekki Deep Seaport before others. We must regain our courage.

"We inherited significant liabilities as well as assets from our predecessors. We're not going to make any excuses. 

"Smart investors can find investing opportunities in a variety of industries. In some circumstances, access to money and assurances might be a barrier. You are welcome to enter. We consider you as an important facilitator. You've previously collaborated with us. 

"We want to scale it up now and do a lot more with more ambition and a clear vision," President Tinubu affirmed. 

The Vice-President of the Islamic Development Bank noted that the financial world has been keeping an eye on developments in Nigeria and has come to the conclusion that the continent's largest economy is serious about doing business this time, highlighting the historical significance of President Tinubu's rapid and decisive economic changes.

"Mr. President, we understand you inherited a difficult set of circumstances. It is to your credit that you took decisive action right away. 

"We are eager to collaborate with you. We are prepared to support significant investments in Nigeria. 

"We all believe that if Nigeria thrives, Africa will flourish as well. And the world depends on Africa's success.

"The President of the Islamic Development Bank announced a $50 billion US dollar investment from the Arab Coordination Group (ACG) for the African continent.

"The announcement was made at the Saudi-Arab-African Economic Summit. Nigeria, being Africa's largest market and economy, will undoubtedly receive a sizable part. 

"We look forward to assisting Nigeria's economic transformation," stated the Vice-President of the Islamic Development Bank.

In closing, the President expressed gratitude to the management of the Islamic Development Bank and assured them that his administration will never waver in its determination to gain the faith and trust of investors, as he had done in Lagos State many years before.

Senator Atiku Bagudu, Minister of Budget and Economic Planning, Governors Bala Mohammed of Bauchi State, Dikko Radda of Katsina State, and Umar Bago of Niger State were among the members of the Nigerian delegation who attended the summit in Mecca.

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