The federal government says Nigeria is set to secure a
multi-billion dollar infrastructure funding package from the Islamic
Development Bank (IDB).
Ajuri Ngelale, presidential spokesperson, disclosed this in
a statement on Tuesday.
Ngelale said the deal was brokered during a meeting between
President Bola Tinubu and Mansur Muhtar, IDB’s vice-president (country
programs), in Mecca, Saudi Arabia, on Monday night.
Ngelale said the funding would be deployed to finance a
multi-sectoral portfolio of infrastructure projects at the federal and
sub-national levels in Nigeria.
These sectors also include port infrastructure, power
infrastructure, and agro-allied facilities that will enable sustainable food
security in the country.
“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,”
the Ngelale quoted Tinubu as saying.
“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 unrivalled 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.”
On his part, Muhtar said the financial world has been
monitoring events in Nigeria and has concluded that Africa’s largest economy
means business this time.
“Mr. President, we know you inherited a very tough set of
circumstances. It is to your credit that you have taken very bold steps without
delay,” Muhtar was quoted as saying.
“We are ready to work with you. We are ready to support big
investments in Nigeria. We agree that if Nigeria succeeds, Africa succeeds. And
the world needs Africa to succeed.”
According to Ngelale, the IDB president announced the
provision of $50 billion of new investment for the African continent from the
Arab Coordination Group (ACG).
He said the announcement was made at the Saudi-Arab-African
economic summit, adding that Nigeria, as the largest market and the largest
economy in Africa, would receive a significant share.
Muhtar also said the bank looks forward to supporting
Nigeria’s economic transformation.
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