Tinubu secures huge IDB deal for infrastructure projects

President Bola Tinubu secured a huge infrastructure finance deal from the Islamic Development Bank (IDB) on Monday in Makkah.

This is according to a statement by Chief Ajuri Ngelale, the President’s media and strategy adviser, on Tuesday in Riyadh, Saudi Arabia.

The deal is to fund a range of infrastructure projects in different sectors at the federal and state levels.

This breakthrough was the result of fruitful investment talks between the President and the IDB’s Vice President (Country Programmes), Dr. Mansur Muhtar.

“Nigeria is the beacon of hope that will brighten the path for Africa. And once Africa is shining, the world will be a better place for all of humanity. We are committed to creating a future for our talented youth. Investments in Nigeria will be among the world’s most rewarding. Investor money will flow smoothly in and out of our country. The process will be easy. And your bank has always been a loyal partner in progress.

“We have serious gaps in port infrastructure, power infrastructure, and agro-allied facilities that will enable sustainable food security in our country. These gaps present unmatched opportunities for smart 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 challenges but also opportunities from our predecessors. We do not make any excuses. There are several sectors full of investment opportunities for savvy investors.

“Access to finance and guarantees can be a barrier in some cases. You can come in there. We see you as a vital 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 stated.

Acknowledging the historic significance of the President’s swift and decisive economic reforms, the Vice President of the Islamic Development Bank said the financial world has been watching events in Nigeria and has concluded that Africa’s largest economy means business this time.

“Mr. President, we know you inherited a very difficult 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 President of the Islamic Development Bank announced the provision of 50 billion dollars 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,” the IDB Vice President said.

The president thanked 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.

Members of the Nigerian delegation present at the meeting in Mecca were: Governors Bala Mohammed of Bauchi State, Dikko Radda of Katsina State, Umar Bago of Niger, and the Minister of Budget and Economic Planning, Sen. Atiku Bagudu.