Tinubu negotiates multi-billion dollars IDB infrastructure funding… 

President Bola Tinubu on Monday in Makkah advanced negotiations for a multi-billion dollars infrastructure finance facility from the Islamic Development Bank (IDB).

This is contained in a statement by Chief Ajuri Ngelale, Special Adviser to President on Media and Publicity, on Tuesday in Riyadh, Saudi Arabia.

The facility is to be used to fund a multi-sectoral portfolio of infrastructure projects at the federal and sub-national levels.

This development was the outcome of substantive investment discussions held between the President and Vice-President (Country Programs) of the IDB, Dr Mansur Muhtar.

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

“The Islamic Development Bank President 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 & Economic Planning, Sen. Atiku Bagudu.