The Islamic Development Bank (IsDB) has promised to continue to support Nigeria and other member states to tackle rising oil and food prices occasioned by the conflict between Russia and Ukraine.
IsDB’s Vice President, Dr Mansur Muhtar, stated this while addressing journalists at the beginning of the bank’s 47th Annual Meeting in the Egyptian city of Sharm El Sheikh.
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With more than 2,500 participants in attendance, including finance ministers of member countries, individual investors, entrepreneurs, and CEOs of local and international companies, the event is the largest gathering of stakeholders from the public and private sectors.
The meeting is aimed at exploring business and economic opportunities across the 57 member countries.
Dr Muhtar, who served as Nigeria’s finance minister during the administration of late President Umar Musa Yar’Adua, said the crisis in eastern Europe had adversely affected commodity and oil prices.
He added that many of the bank’s member countries, which rely a lot on food imports from the affected European countries, now face difficulties in accessing supplies.
“In addition to this problem, many of these countries including Nigeria have been facing problems with drought-induced shortages and low productivity in the agric sector, “ he stressed.
Muhtar noted that the bank is working with the United Nations and other partners to support the countries in a coordinated manner, adding that the priority is strengthening the resilience of the food system in the affected countries.
He said, “In Nigeria, we have many projects in the agriculture sector. In Kano, we have an agric and livestock project that is supporting improvement in productivity and access to the market. We are also working in partnership with the African Development Bank on a $500 million agric processing zone project.”
