Tinubu successfully secures significant amount of funding from IDB

The Islamic Development Bank (IDB) has awarded President Bola Tinubu a multibillion dollar infrastructure loan package to support a multisectoral portfolio of federal and subnational infrastructure projects in Nigeria.

Ajuri Ngelale, the presidential spokesperson, disclosed this in a statement on Tuesday.

According to a statement, the development came about as a result of serious investment discussions that President Tinubu had on Monday night in Mecca, Saudi Arabia, with Dr. Mansur Muhtar, the IDB’s Vice-President (Country Programmes).

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According to the President, Nigeria is the “candle of hope that will light the way for Africa,” and once Africa is enlightened, all of mankind will live in a more hopeful world.

He declared that investments in Nigeria will give among of the highest returns in the world and that the country is committed to providing a future for its talented youth.

President Tinubu went on to say that Nigeria has significant deficiencies in the agro-allied facilities, electricity infrastructure, and port infrastructure that are necessary for the nation to have sustainable food security.

He stated that in a market that is by far the biggest on the continent, these shortfalls offer unparalleled opportunities for astute investors.

According to the President, Nigeria inherited both significant debt and valuable assets from its forebears, and there are plenty of investment opportunities across a number of sectors for astute investors.

He claims that sometimes having access to guarantees and funding might be a barrier, and that the IDB can play a crucial role in making things possible.

Dr. Mansur Muhtar, Vice-President of the IDB, stated that after observing the happenings in Nigeria, the financial community has come to the conclusion that the continent’s biggest economy is open for business this time around.

He claimed that the President of the IDB had declared that the Arab Coordination Group (ACG) will be contributing $50 billion in fresh investment to the African continent.

Nigeria, which has the biggest economy and market in Africa, would undoubtedly take home a sizable portion of this investment, according to Dr. Muhtar.

Governors Bala Mohammed of Bauchi State, Dikko Radda of Katsina State, Umar Bago of Niger State, and Senator Atiku Bagudu, Minister of Budget and Economic Planning, were among the governors in the President’s delegation to the Mecca meeting.