Tinubu Seeks Islamic Development Bank Financial Support for a Multi-Billion-Dollar Infrastructure Finance Facility

Tinubu's visit to Mecca, Saudi Arabia, on Monday has been on a positive scale as negotiations continue, as he is clamouring for a multi-billion-dollar infrastructure finance facility to be financially supported by the Islamic Development Bank (IDB) for a multi-sectoral portfolio of infrastructure projects across both federal and sub-national levels in Nigeria.

This was revealed by the Special Adviser to the President on Media and Publicity, Ajuri Ngelale who said that the funding is meant for a multi-sectoral portfolio of infrastructure projects at the federal and sub-national levels in Nigeria

At the meeting in Mecca, President Tinubu described Nigeria as “the candle of hope that will light the way for Africa" and added that “once Africa is illuminated, the world will be a brighter place for all of humanity”.

In the meeting, Tinubu emphasized his administration's willingness and determination to create a substantial future for the youths of the country, whom he believes are gifted. He also added that investments in Nigeria will be among the world’s most high-yielding and he stated that investor's money will flow in and out of the country without encountering problems.

He also assured the IDB that the process would be smooth, seeing that the bank has always been a faithful partner in progress.

He said, in part,

  • We have serious deficits in port infrastructure, power infrastructure, and agro-allied facilities that will enable sustainable food security in our country.

  • 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.

Speaking on President Tinubu’s track of economic reforms, the Vice President of the Islamic Development Bank, Dr Mansur Muhtar, said the financial world has a keen eye on the affairs of Nigeria and is taking a bold step to support the country, as Africa’s largest economy means business this time.

Answering to Tinubu's speech on how he inherited serious liabilities, Muhtar said,

  • 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 President of the Islamic Development Bank announced the provision of $50 billion U.S. 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.

Tinubu concluded by appreciating the management of the Islamic Development Bank (IDB), as he pledged a strong commitment to his administration's goals to win investor's trust and confidence, as he did during his time as the Governor of Lagos State years ago. 

Alongside the President were notable Nigerian delegates who accompanied him to his meeting in Mecca. Those on record are Atiku Bagudu, Minister of Budget and Economic Planning; Governor Dikko Radda of Katsina State; Governor Umar Bago of Niger State; and Governor Bala Mohammed of Bauchi State, amongst others.

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