ABUJA, Nov 14 (Reuters) – Nigeria’s President Bola Tinubu has invited Islamic Development Bank (IsDB) executives to negotiate a “multi-billion dollar infrastructure financing facility” to help build ports and power plants. A spokesperson for the president said on Tuesday that he had met with the president.
Spokesperson Ajri Ngerale said in a statement that Tinubu met with ISDB Deputy Governor Mansour Mouttar in Mecca, Saudi Arabia, late Monday. He did not provide details of the financial measures sought by the Nigerian government.
“There are serious deficiencies in port infrastructure, power infrastructure and agricultural facilities,” Tinubu said in a statement.
“These deficits present an unparalleled opportunity for astute investors in by far the continent’s largest market,” he said.
On Friday, Nigeria agreed to a series of investment and cooperation agreements with Saudi Arabia. These include the Saudi government’s promise to make “significant deposits” of foreign currency to boost Nigeria’s foreign exchange liquidity.
Under Tinubu, Nigeria embarked on its most bold reforms in decades, eliminating heavy gasoline subsidies and restrictions on foreign exchange transactions as part of a bid to boost economic growth.
Tinubu, who took office in May, has vowed to rebuild an economy plagued by slowing growth, double-digit inflation, foreign currency shortages, widespread security insecurity and oil theft.
Mukhtar said ISDB was ready to work with the government to support large-scale investments in Nigeria, adding that Nigeria would benefit from the $50 billion Africa Investment Fund announced by the bank in collaboration with the Arab Coordination Group. It is expected to gain a significant market share.
IsDB, based in Jeddah, Saudi Arabia, is a multilateral development bank that provides financing for infrastructure and other development projects in Muslim-majority countries.
Report by Felix Onua. Written by Elisha Bala-Gbogbo.Editing: Christina Fincher
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