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Islamic Devt Bank To Fund Nigeria’s Multi-Billion Dollar Infrastructural Projects

The financial world has been monitoring events in Nigeria and has concluded that Africa's largest economy means business this time, said the Islamic Development Bank


A file photo of the Islamic Development Bank.

 

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 was disclosed in a statement on Tuesday by the Special Adviser on Media and Publicity, Ajuri Ngelale.

Ngelale said the commitment followed a substantive investment discussion between President Bola Tinubu and the Vice-President (Country Programs) of the Islamic Development Bank, Dr. Mansur Muhtar, after Tinubu’s return from evening prayers on Monday night in Mecca, Saudi Arabia.

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“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,” Tinubu was quoted as saying.

“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.”

Noting the historic essence of President Tinubu’s swift and decisive economic reforms, the Vice-President of the Islamic Development Bank 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.