In a statement from Mecca, Saudi Arabia, President Bola Tinubu affirmed that his administration inherited significant liabilities but pledged not to make excuses for the challenges faced. This announcement follows National Security Adviser Mallam Nuhu Ribadu’s recent statement that the government led by President Buhari threw the nation into bankruptcy.
President Tinubu, currently engaged in advanced talks with the Islamic Development Bank, aims to secure a multi-billion dollar infrastructure finance facility for a diverse range of projects at both federal and sub-national levels in Nigeria.
The President, in discussions with Dr. Mansur Muhtar, Vice-President (Country Programs) of the Islamic Development Bank, emphasized Nigeria’s role as a beacon of hope for Africa. He outlined plans to address deficits in port infrastructure, power infrastructure, and agro-allied facilities, presenting significant investment opportunities.
Acknowledging the challenges inherited, President Tinubu stated, “We do not make any excuses. There are several sectors replete with investment opportunity for smart investors.” He expressed confidence in Nigeria’s potential and sought increased collaboration with the Islamic Development Bank.
President Tinubu thanked the bank’s management for their support, highlighting the historic essence of his administration’s economic reforms. The Islamic Development Bank affirmed its commitment to working with Nigeria, recognizing the country’s pivotal role in Africa’s economic success.
The bank’s president announced a substantial $50 billion investment for the African continent from the Arab Coordination Group, with Nigeria expected to receive a significant share due to its status as the largest market and economy in Africa.
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, and Minister of Budget & Economic Planning, Senator Atiku Bagudu, among others. The discussions underscored the determination to enhance Nigeria’s economic landscape and strengthen international partnerships.