The President of the Islamic Development Bank (IDB), Dr. Muhammad Sulaiman Al Jasser, and his team visited President Muhammadu Buhari in Paris, France, during the ongoing Paris Peace Forum in France.
According to a source, the IDB delegation thanked the President of Nigeria and commended the effort of Nigerians working with the Bank. They also promised to continue to support Nigeria in rebuilding its infrastructure among others.
During the visit, the Minister of Foreign Affairs, His Excellency Jeoffrey Enyema, the Minister of Communications and Digital Economy, Prof. Isa Ali Ibrahim Pantami among others were in attendance, our source noted.
Niger State Get $86.64 Million Islamic Development Bank Loan To Upgrade Minna-Bida Road
Nigeria has emerged as Africa’s largest economy, with 2015 GDP was $493.8 billion. Oil has been a dominant source of income and government revenues since the 1970s. Nigeria’s economic growth over the last five years has been driven by growth in agriculture, telecommunications, and services. Oil accounts for close to 90% of exports and roughly 75% of the country’s consolidated budgetary revenues. President Buhari is implementing plans to increase transparency, diversify the economy away from oil, and improve fiscal management. The government is working to develop stronger public-private partnerships for roads, agriculture, and power. Nigeria joined IsDB on 15 June 2005 with a capital subscription in the Bank at 0.3%, which later rose to 7.69% becoming one of the nine major shareholders.
Located in Jeddah-Saudi Arabia, the IDB is a multilateral development finance institution that is focused on Islamic finance. There are 57 shareholding member states with the largest single shareholder being Saudi Arabia.
