The Islamic Development Bank is set to fund Nigeria’s multi-billion-dollar infrastructural projects at the federal and sub-national levels in Nigeria.
This is according to a statement, Tuesday by the President’s spokesperson, Ajuri Ngelale.
Ngelale said the commitment was sequel to a substantive investment discussion between President Bola Tinubu and the Vice-President (Country Programmes) of the Islamic Development Bank, Dr. Mansur Muhtar, after Tinubu’s return from evening prayers on Monday night in Mecca, Saudi Arabia.
The statement added: “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. 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.”
While emphasizing the historic essence of President Tinubu’s swift and decisive economic reforms, Muhtar said the financial world has been monitoring events in Nigeria and has concluded that Africa’s largest economy means business this time.
He said $50 billion of new investment was available for the African continent from the Arab Coordination Group (ACG), and as the largest market and the largest economy in Africa, Nigeria will certainly receive a significant share.