Nigeria and other African countries will benefit from a $50 billion investment support to be made available by the Islamic Development Bank (IDB).
The fund, which is being facilitated by the Arab Coordination Group (ACG), was announced at the Saudi-Arab-African Economic Summit held at the weekend in Saudi Arabia.
“As the largest market and the largest economy in Africa, Nigeria will certainly receive a significant share. We look forward to supporting Nigeria’s economic transformation,” IDB Vice President Dr. Mansur Muhtar told President Bola Ahmed Tinubu during a meeting.
The meeting where the President pushed for IDB support for Nigeria’s infrastructure development took place on Monday night in Mecca.
According to Presidential spokesman Ajuri Ngelale, the President gave reasons why Nigeria should be supported with investment and facility to build infrastructure.
He quoted the President as saying: “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 unrivalled opportunities 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.”
Noting the historic essence of the President’s swift and decisive economic reforms, Dr. Muhtar said the financial world has been monitoring events in Nigeria and has concluded that Africa’s largest economy means business this time.
The IDB chief said: “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.
“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.”
The president thanked the IDB management, pledging the unwavering commitment of his administration to win investors’ trust and confidence, just as he did in Lagos State many years ago.
With Tinubu at the meeting in Mecca were: Governors Bala Mohammed (Bauchi); Dikko Radda (Katsina); Umar Bago (Niger) and Budget & Economic Planning Minister, Atiku Bagudu.