President Bola Ahmed Tinubu, on Monday night, in Mecca, Saudi Arabia, advanced negotiations concerning a multi-billion dollar infrastructure finance facility from the Islamic Development Bank to fund a multi-sectoral portfolio of infrastructure projects at the federal and sub-national levels in Nigeria.
Presidential spokesman, Ajuri Ngelale, announced this in a statement on Tuesday.
He said the development was the outcome of substantive investment discussions held between President Tinubu and the Vice-President (Country Programs) of the Islamic Development Bank, Dr. Mansur Muhtar, after the president’s return from evening prayers.
The IDB’s VP had disclosed that the bank announced the provision of $50 billion U.S. dollars of new investment for the African continent from the Arab Coordination Group (ACG).
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Tinubu who was quoted in Ngelale’s statement said, “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 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 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,” the president stated.
Noting the historic essence of President Tinubu’s swift and decisive economic reforms, the vice-president of the bank said the financial world has been monitoring events in Nigeria and has concluded that Africa’s largest economy means business this time.
