President Bola Tinubu on Monday met a senior official of the Islamic Development Bank (IDB) on the sidelines of his official trip to Saudi Arabia, discussing Nigeria’s need to invest in infrastructure.
Tinubu, in his meeting with IDB Vice President (Country Programmes), Mansur Muhtar, in Mecca, noted the “serious deficits” in Nigeria’s port, energy and agricultural infrastructure, which he said provided opportunities for investments.
“We have serious deficits in port infrastructure, energy infrastructure and agri-food facilities that will allow sustainable food security in our country.
“These shortfalls present an unrivaled opportunity for smart 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,” presidential spokesperson Ajuri Ngelale said on Tuesday, quoting the president in a statement.
According to the statement, Muhtar assured the president of the IDB’s commitment to supporting Nigeria.
“Mr. President, we know that you inherited a very difficult set of circumstances. It is to your credit that you took very bold steps without delay. We are ready to work with you. We are willing to support major investments in Nigeria. We agree that if “Nigeria is successful, Africa will be successful. And the world needs Africa to be successful,” Muhtar said.
Read the full statement from the House of Representatives below:
PRESS RELEASE FROM THE STATE CHAMBER
PRESIDENT TINUBU MEETS ISLAMIC DEVELOPMENT BANK MANAGEMENT AND NEGOTIATES MULTI-MILLION DOLLAR FINANCING PACKAGE FOR INFRASTRUCTURE
President Bola Tinubu, on Monday night, in Mecca, Saudi Arabia, advanced negotiations regarding a multi-billion-dollar infrastructure financing facility from the Islamic Development Bank to finance a multi-sector portfolio of infrastructure projects at the federal and sub-national levels in Nigeria. .
This development was the result of important investment talks held between President Tinubu and the Vice President (National Programmes) of the Islamic Development Bank, Dr. Mansur Muhtar, after the President’s return from afternoon prayers.
“Nigeria is the candle of hope that will illuminate the path of Africa. And once Africa is enlightened, the world will be a brighter place for all humanity. We are determined to create a future for our gifted youth. Investments in Nigeria will be among the highest performing in the world. Investors’ money will easily enter and leave our country. The processes will be fluid. And your bank has always been a faithful partner in the process.
“We have serious deficits in port infrastructure, energy infrastructure and agri-food facilities that will allow sustainable food security in our country. These shortfalls present an unrivaled 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 important responsibilities, but also assets from our predecessors. We don’t make any excuses. There are several sectors filled with investment opportunities for savvy investors. Access to financing and guarantees can be an obstacle in some cases. You can go in there. We see it as a critical facilitator. You have partnered with us before. We want to expand it now and do much more with greater ambition and a clear vision,” said the President.
Noting the historical essence of President Tinubu’s rapid and decisive economic reforms, the Vice President of the Islamic Development Bank said the financial world has been following developments in Nigeria and has come to the conclusion that this time Africa’s largest economy I mean it.
“Mr. President, we know that you inherited a very difficult set of circumstances. It is to your credit that you took very bold steps without delay. We are ready to work with you. We are willing to support major investments in Nigeria. We agree that if Nigeria is successful, Africa will be successful, and the world needs Africa to be successful.
“The president of the Islamic Development Bank announced the provision of 50 billion US dollars of new investments for the African continent by the Arab Coordination Group (ACG). This was announced at the Saudi Arabia-Africa Economic Summit. Nigeria, as Africa’s largest market and largest economy, is sure to receive a significant share. We look forward to supporting Nigeria’s economic transformation,” said the vice president of the Islamic Development Bank.
The President concluded by thanking the management of the Islamic Development Bank and pledging his administration’s unwavering commitment to earning the trust of investors, just as it did in Lagos State many years ago.
Members of the Nigerian delegation present at the meeting in Mecca were: Governor Bala Mohammed of Bauchi State; Governor Dikko Radda of Katsina State; Governor Umar Bago of Niger State; Minister of Budget and Economic Planning, Senator Atiku Bagudu, and others.
Chief Ajuri Ngelale
Special advisor to the president
(Media and advertising)
November 14, 2023
