President Bola Tinubu has been able to negotiate and procure a multi-billion-dollar infrastructure funding from the Islamic Development Bank (IDP).
The purpose of the money is to help build good roads and power plants in Nigeria.
Presidential spokesperson, Ajuri Ngelale revealed this on Tuesday.
Tinubu who is currently at Mecca to perform the Umrah met with Vice-President (Country Programs) of the IDB, Dr. Mansur Muhtar, to broker the deal after a lengthy discussion.
President Tinubu underscored Nigeria’s pivotal role in the African continent and globally.
He said he will prioritize enhancing opportunities for the youth and believes that directing investments into Nigeria holds significant promise.
Identifying deficiencies in Nigeria’s infrastructure pertaining to ports, power, and agricultural facilities crucial for sustenance, the President highlighted the nation’s appeal as the largest market in Africa, thus presenting lucrative prospects for potential investors.
Acknowledging both prevailing challenges and investment prospects within Nigeria, he acknowledged the difficulty in accessing funds or guarantees, but sees the Islamic Development Bank as a pivotal institution capable of addressing these challenges.
The Vice-President of the bank affirmed Nigeria’s renewed commitment to fostering a conducive business environment.
Announcements were made regarding substantial financial allocations for Africa, with Nigeria anticipated to secure a considerable share.
