President Bola Tinubu played a pivotal role on Monday in advancing talks for a multi-billion-dollar infrastructure finance facility from the Islamic Development Bank (IDB) in Saudi Arabia.
The announcement was conveyed through a statement from the president’s spokesperson, Ajuri Ngelale, on Tuesday. The negotiations unfolded during the President’s visit to Mecca, Saudi Arabia, accompanied by Dr. Mansur Muhtar, the Vice-President (Country Programs) of the IDB.
The IDB committed to injecting billions of dollars into infrastructural projects across various levels in Nigeria. Emphasizing Nigeria’s allure as an investment destination with promising returns, President Tinubu described the nation as “a candle of hope for Africa.” He highlighted infrastructure deficits, especially in ports, power, and agro-allied facilities, offering significant investment opportunities.
President Tinubu expressed a commitment to shaping a prosperous future for the country and welcomed collaborations to address challenges and capitalize on investment potential.
The Vice-President of the Islamic Development Bank acknowledged Nigeria’s resolute efforts and commitment to economic transformation, pledging $50 billion in new investments for the African continent, with Nigeria anticipated to receive a substantial allocation.
