Saudi Arabia, November 13th, 2023. In a strategic move to address critical infrastructure gaps, Nigerian President Bola Tinubu has entered high-level talks with the Islamic Development Bank (IDB) in Mecca, Saudi Arabia. The aim of these negotiations is to secure a multi-billion dollar funding for various infrastructure projects across the country, both at the federal and regional levels.

President Tinubu emphasized the crucial role the Nigerian economy can play in African progress, offering an exceptional market for savvy investors. "We are determined to create a future for our gifted youth. Investments in Nigeria will be among the most lucrative globally."

Acknowledging inherited challenges, the Nigerian President highlighted investment opportunities in port, energy, and agro-industrial infrastructure for sustainable food security.

Dr. Mansur Muhtar, Vice President (Country Programs) of the IDB, praised President Tinubu's swift economic reforms, affirming the bank's commitment to significant investments in Nigeria. He recalled the recent allocation of 50 billion dollars for development in Africa, emphasizing that Nigeria would be a major beneficiary of this financial windfall. This allocation, coming from the Arab Coordination Group, had been announced during the Saudi-Arab-African Economic Summit held on November 9th in Riyadh, Saudi Arabia.

In October 2022, Nigeria and Côte d'Ivoire hosted the IsDB Group President, highlighting the excellence of bilateral cooperation between these countries and the multilateral development bank.

IF NEWS