Nigeria and several African nations are poised to benefit from a substantial $50 billion investment support facilitated by the Arab Coordination Group (ACG), as announced during the Saudi-Arab-African Economic Summit in Saudi Arabia.
The Islamic Development Bank (IsDB) is instrumental in this initiative. During a meeting with President Bola Ahmed Tinubu, IsDB Vice President Dr. Mansur Muhtar affirmed the commitment to supporting Nigeria’s economic transformation, recognizing it as the largest market and economy in Africa. The President outlined Nigeria’s significant role in illuminating Africa’s future and emphasized the need for investment in critical sectors, presenting attractive opportunities for discerning investors.
President Tinubu conveyed the determination to create a future for Nigeria’s talented youth and highlighted areas such as port infrastructure, power infrastructure, and agro-allied facilities essential for sustainable food security. Acknowledging existing challenges, he expressed readiness to collaborate with IsDB as a critical enabler, aiming to scale up their partnership for more ambitious projects. Dr. Muhtar commended Nigeria’s swift and decisive economic reforms under challenging circumstances, stating the financial world’s recognition that Africa’s largest economy means business. He pledged IsDB’s readiness to support substantial investments in Nigeria, emphasizing that Nigeria’s success is pivotal for Africa and the world.
The President, in contemplation of the historical significance encapsulated within the trajectory of his implemented economic reforms, expressed gratitude to the management of the Islamic Development Bank (IsDB). In doing so, he conveyed a steadfast assurance of an unwavering commitment to the endeavor of cultivating trust and confidence among investors. The convened meeting in Mecca, notable for the presence of Governors Bala Mohammed, Dikko Radda, Umar Bago, and Minister Atiku Bagudu, served as a poignant reflection of a collaborative and concerted effort aimed at steering the course of impactful investments and fostering economic development within the Nigerian context.
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