Nigeria to get multi-billion dollar infrastructure funding from Islamic Development Bank, says FG

The federal government says Nigeria is set to secure a multi-billion dollar infrastructure funding package from the Islamic Development Bank (IDB).

Ajuri Ngelale, presidential spokesperson, disclosed this in a statement on Tuesday.

Ngelale said the deal was brokered during a meeting between President Bola Tinubu and Mansur Muhtar, IDB’s vice-president (country programs), in Mecca, Saudi Arabia, on Monday night.

Ngelale said the funding would be deployed to finance a multi-sectoral portfolio of infrastructure projects at the federal and sub-national levels in Nigeria.

These sectors also include port infrastructure, power infrastructure, and agro-allied facilities that will enable sustainable food security in the country.

“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,” the Ngelale quoted Tinubu as saying.

“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 an 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 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.”

On his part, Muhtar said the financial world has been monitoring events in Nigeria and has concluded that Africa’s largest economy means business this time.

“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,” Muhtar was quoted as saying.

“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.”

According to Ngelale, the IDB president announced the provision of $50 billion of new investment for the African continent from the Arab Coordination Group (ACG).

He said the announcement was made at the Saudi-Arab-African economic summit, adding that Nigeria, as the largest market and the largest economy in Africa, would receive a significant share.

Muhtar also said the bank looks forward to supporting Nigeria’s economic transformation.