President Bola Tinubu, during his visit to Mecca, Saudi Arabia on Monday evening, acknowledged inheriting substantial liabilities from the previous government but asserted a commitment to avoid making excuses. Simultaneously, the President announced advancements in negotiations for a multi-billion dollar infrastructure finance facility from the Islamic Development Bank. The funds are intended to support a diverse portfolio of infrastructure projects at both federal and sub-national levels in Nigeria.
This significant development followed substantive investment discussions between President Tinubu and Dr. Mansur Muhtar, the Vice-President (Country Programs) of the Islamic Development Bank, held after the President’s evening prayers.
In a statement issued by his Special Adviser on Media and Publicity, Chief Ajuri Ngelale, President Tinubu emphasized Nigeria’s role as a beacon of hope for Africa, expressing determination to create a promising future for the country’s youth. He highlighted the deficits in port infrastructure, power infrastructure, and agro-allied facilities, identifying them as opportunities for savvy investors in the continent’s largest market.
Acknowledging both inherited liabilities and assets, President Tinubu refused to make excuses, inviting smart investors to explore sectors with abundant opportunities. He outlined the obstacles, including access to finance and guarantees, and called for the Islamic Development Bank’s critical support as an enabler for scaling up ambitions.
The Vice-President of the Islamic Development Bank commended President Tinubu’s swift economic reforms, recognizing Nigeria’s commitment to business. He announced a $50 billion U.S. Dollars investment for the African continent, with Nigeria expected to receive a significant share.
President Tinubu concluded by thanking the Islamic Development Bank management, assuring his administration’s unwavering commitment to gaining investors’ trust and confidence, echoing his successful track record in Lagos State.
Members of the Nigerian delegation present at the meeting included 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.