President Tinubu Secures Multi-Billion Dollar Funding From Islamic Development Bank
President Bola Tinubu has secured a multi-billion dollar infrastructure funding package 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 was disclosed in a statement by presidential spokesperson Ajuri Ngelale on Tuesday.
According to the statement, the development was the outcome of substantive investment discussions held between President Tinubu and the Vice-President (Country Programs) of the IDB, Dr Mansur Muhtar, in Mecca, Saudi Arabia, on Monday night.
The Islamic Development Bank President announced the provision of $50 billion U.S. 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.
Members of the Nigerian delegation present at the meeting in Mecca were: Governor Bala Mohammed of Bauchi State; Governor Dikko Radda of Katsina State; Governor Umar Bago of Niger State; Minister of Budget & Economic Planning, Senator Atiku Bagudu, and others.
