WorldStage Newsonine– As the Islamic Development Bank (IDB) announced the provision of $50 billion of new investment for the African continent from the Arab Coordination Group (ACG), significant share of the fund is expected to come to Nigeria being the largest economy in Africa.
The funding was announced at the Saudi-Arab-African Economic Summit.
Vice-President (Country Programs) of the IDB, Dr Mansur Muhtar, “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.”
President Bola Tinubu on Monday in Makkah advanced negotiations for a multi-billion dollars infrastructure finance facility from IDB.
A statement by Chief Ajuri Ngelale, Special Adviser to President on Media and Publicity, on Tuesday in Riyadh, Saudi Arabia said this development was the outcome of substantive investment discussions held between the President and Dr Muhtar.
The facility is to be used to fund a multi-sectoral portfolio of infrastructure projects at the federal and sub-national levels.
The President 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 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, the Vice-President of the Islamic Development Bank 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.
“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.
“We look forward to supporting Nigeria’s economic transformation.”
The president thanked the IDB management while pledging the unwavering commitment of his administration to win investors’ trust and confidence, just as he did in Lagos State many years ago.
Members of the Nigerian delegation present at the meeting in Mecca were: Governors Bala Mohammed of Bauchi State, Dikko Radda of Katsina State, Umar Bago of Niger, and the Minister of Budget & Economic Planning, Sen. Atiku Bagudu.
