The federal government has announced that the Islamic Development Bank (IDB) is expected to provide Nigeria with a multibillion-dollar infrastructure funding package. On Tuesday, presidential spokesperson Ajuri Ngelale made the announcement. According to Ngelale, President Bola Tinubu and Mansur Muhtar, the vice president of IDB’s country programs, met in Mecca, Saudi Arabia, on Monday night to strike the deal. He said the funds will be utilised for financing a wide range of infrastructure initiatives across Nigeria at both the national and regional levels.
These sectors also include the nation’s port infrastructure, its power infrastructure, and its agro-allied facilities, all of which will enable the nation to maintain its sustainable food security. The country of Nigeria is a ray of hope that will show the rest of Africa the way forward. As soon as Africa is brought into the light, the rest of the world will become a better place for all people. According to what Ngelale reported, Tinubu had said they have a commitment to create a promising future for the brilliant youths.
Port and power infrastructure and agro-allied facilities will be improved.
Investments in Nigeria will earn some of the highest returns in the world. Inflows and outflows of capital from investors won’t be a problem. He added the processes will run smoothly and that the bank has historically been a reliable partner in all of its endeavours. The country has significant shortcomings in the port infrastructure, the power infrastructure, and the agro-allied facilities that are necessary for achieving long-term food security. These deficits provide intelligent investors with an opportunity in a market that is the largest on the continent and cannot be matched by any other.
Indeed, the nation recognised the potential of Lekki Deep Seaport before others did. The country inherited both significant liabilities and assets. However, they give no excuses. Smart investors can find abundant opportunities to put their money to work in various fields. Sometimes, it is difficult to get the financing and guarantees they need. That door is open to them. They regard them as a vital facilitator. More so, the organisation has worked with the nation in the past. Now that they have a clearer vision, they want to expand their efforts.
Africa will prosper if Nigeria does, and the world needs Africa.
Muhtar said on his part that the financial world has been keeping an eye on Nigeria and has concluded that the continent’s biggest economy is ready to do business this time. He stated that everyone is aware that the president inherited a challenging situation in which he did the right thing by taking very bold steps right away, Muhtar added. They are prepared to cooperate with him and are willing to back significant investments in Nigeria. They both believe that Africa will prosper if Nigeria does and that Africa’s success is crucial to the progress of the world as a whole. Muhtar also said the bank is excited to help Nigeria economy transform.
On the other hand, the Islamic Development Bank is a Saudi Arabia-based multilateral organisation that uses Islamic finance to improve the country’s infrastructure. They strive to achieve the United Nations’ Sustainable Development Goals by encouraging creative and sustainable approaches to world challenges. Across the 57 member countries, they foster cooperative partnerships between local communities and national governments. Through Public Private Partnerships and other forms of collaboration, they bring together the public and private sectors, as well as civil societies and the development sector.
More funds are made available for the African continent.
Lastly, according to the presidential spokesperson Ngelale, the president of the IDB announced that the Arab Coordination Group (ACG), a strategic alliance that helps developing countries through coordinated responses to development finance, will be providing an additional investment of 50 billion dollars for the African continent. He stated that the announcement was revealed at the Saudi-Arab-African economic summit, and he added that Nigeria, which has the most significant market as well as the largest economy in Africa, was going to get a significant share of the investment.