A framework agreement worth $1 billion has been struck by the Federal Republic of Nigeria and the International Trade Financing Corporation (ITFC) for the upcoming years. A $10 million contract for the Murabaha financing facility has also been inked by Jaiz Bank.

At the four-day 2023 Group Annual Meetings of the Islamic Development Bank (IsDB) taking place in Jeddah, Saudi Arabia, the signing ceremony was held on Saturday.

The relationship between Nigeria and the ITFC will continue to grow looking at the positive impact it is making, according to Zainab Ahmed, the minister of finance who served as the head of Nigeria’s delegation at the meetings, who said shortly after the agreement was signed.

“ITFC is one of the high performing subsidiaries of the IsBD, we have a strong presence in Nigeria supporting businesses largely the energy sector and also agriculture and trade and they have been doing that through partnerships with financial institutions operating in Nigeria.

“Today we signed a framework agreement that charts the roof of our partnership over the next couple of years with the ITFC.

“Also, today, it signs agreement with Jaiz Bank for the benefit of one of our state. They continue to work with us to improve the performance of businesses and thereby improving the growth of our economy.

“Our hope and target is to see that itfc triples its portfolios in Nigeria within the next year’s coming.”

She urged the corporation to continue to render their support to the countries and also improve the capacities of not just companies but also the sovereign government.

The managing director of Jaiz Bank, Surajo Salisu, thanked everyone on behalf of the company and added, “We are happy with this trade finance line for our customers, when we go back home, it will surely go a long way to assist our customers.

“Where governments are coming to sign agreements for their countries, we are here as a private institution to sign for ourselves, it definitely shows how great we are performing.

“Our partnership with the itfc has been for five years now and there was no disappointment, that is why you Jaiz Bank is joining among ministers and governments signing for itself.

“Hundred percent our business is localised and will be utilised locally and additional foreign exchange will come into the country with great turnover. It will be of benefit to the country, to our people and the Islamic bank.”

The Islamic Corporation for the Development of the Private Sector (ICD) is a multilateral development financial institution and a member of the Islamic Development Bank (IsDB) Group. ICD was established in November 1999 to support the economic development of its Member Countries through the provision of finance for private sector projects, and promotion of competition/entrepreneurship, while encouraging cross border investments.