The Islamic Development Bank has pledged its support for Nigeria’s extensive infrastructural projects, both at the federal and sub-national levels, as revealed in a statement on Tuesday by Ajuri Ngelale, the Special Adviser on Media and Publicity.
This commitment comes after substantive investment discussions between President Bola Tinubu and the Vice-President (Country Programs) of the Islamic Development Bank, Dr. Mansur Muhtar.
The discussions took place following Tinubu’s return from evening prayers in Mecca, Saudi Arabia, on Monday night.
President Tinubu expressed optimism about Nigeria’s role as a beacon of hope for Africa and emphasized the determination to create a future for the country’s talented youth.
He highlighted the vast investment opportunities in Nigeria, which he believed would be among the world’s most high-yielding.
Tinubu noted critical deficits in port infrastructure, power infrastructure, and agro-allied facilities necessary for sustainable food security in the country.
He presented these deficits as an unparalleled opportunity for savvy investors in the largest market on the continent.
Acknowledging President Tinubu’s swift and decisive economic reforms, the Vice-President of the Islamic Development Bank remarked on the global financial community’s keen interest in Nigeria.
He indicated that $50 billion in new investments from the Arab Coordination Group (ACG) would be available for the African continent, with Nigeria expected to receive a significant share as the largest market and economy in Africa.
