In Saudi Arabia, Tinubu Negotiates Multi- billion Dollar Funding Facility for Nigeria’s Infrastructural Devt 

* Meets IDB management 

* Says his govt inherited serious liabilities 

*Islamic Devt Bank elated by bold economic steps taken so far by Tinubu

*Bank to provide $50bn new investments in Africa with Nigeria as major beneficiary

Deji Elumoye in Abuja 

President Bola Tinubu has advanced negotiations concerning a multi-billion dollar infrastructure finance facility from the Islamic Development Bank (IDB) to fund a multi-sectoral portfolio of infrastructure projects at the federal and sub-national levels in Nigeria.

This development was sequel to substantive investment discussions held between President Tinubu and the Vice-President (Country Programs) of the IDB, Dr. Mansur Muhtar, after the president’s return from evening prayers on Monday in Mecca, Saudi Arabia.

President Tinubu, according to a release issued on Tuesday by his Media Adviser, Ajuri Ngelale, 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 opportunity 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 opportunity 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.”

The president concluded by thanking 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.

Noting the historic essence of President Tinubu’s swift and decisive economic reforms, the Vice-President of the IDB, Muhtar, 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.

“The Islamic Development Bank President announced the provision of $50 billion of new investment for the African continent from the Arab Coordination Group (ACG). This was announced at the Saudi-Arab-African Economic Summit. 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,” Muhtar said.