This formed the crux of discussions between Tinubu and the Vice-President (Country Programmes) of the Islamic Development Bank, Mansur Muhtar.
“There are several sectors replete with investment opportunities for smart investors.
“Access to finance and guarantees can be a hindrance in some cases.
“You can come in there. We see you as a critical enabler,” Tinubu told Muhtar after the evening prayers in Mecca, Saudi Arabia, on Monday.
The Special Adviser to the President on Media and Publicity, Ajuri Ngelale, disclosed this in a statement on Tuesday, titled ‘President Tinubu meets Islamic Development Bank management, negotiates multi-billion dollar funding package for infrastructure.’
Advancing negotiations with the bank, the President said, “Nigeria is the candle of hope that will light the way for Africa. And once Africa is illuminated, the world will be a brighter place for all of humanity.
“We are determined to create a future for our gifted youths.”
He assured the money-lending institution that “Investments in Nigeria will be among the world’s most high-yielding” adding that “Investor money will flow easily in and out of our country. Processes will be seamless. And your bank has always been a faithful partner in progress.”
He admitted “serious deficits in port infrastructure, power infrastructure, and agro-allied facilities that will enable sustainable food security in our country.”
These deficits, Tinubu said, “present unrivalled opportunity for savvy investors in a market that is by far the largest on the continent.”
Citing the fulfilled vision to enable Lekki Deep Seaport long “before others saw it” the President affirmed that “We must be bold again.”
Reminiscing on the past, Tinubu told the IDB delegates that his administration “inherited serious liabilities, but also assets from our predecessors. We do not make any excuses.”
On his part, Muhtar noted Tinubu’s swift and decisive economic reforms, affirming that the financial world has been monitoring events in Nigeria and has concluded that Africa’s largest economy means business this time.
He remarked, “Mr. President, we know you inherited a very tough set of circumstances. It is to your credit that you have taken very bold steps without delay.
“We are ready to work with you. We are ready to support big investments in Nigeria.
“We agree that if Nigeria succeeds, Africa succeeds. And the world needs Africa to succeed.”
The IDB VP also revealed that the Bank’s President announced the provision of $50bn of new investment for Africa from the Arab Coordination Group, promising that Nigeria will get a major share.
“This was announced at the Saudi-Arab-African Economic Summit.
“As the largest market and the largest economy in Africa, Nigeria will certainly receive a significant share.
“We look forward to supporting Nigeria’s economic transformation,” the Islamic Development Bank Vice-President said.
Tinubu concluded by thanking the IDB while pledging the unwavering commitment of his administration to win investors’ trust and confidence, just as he did in Lagos State many years ago.
Members of the Nigerian delegation present at the meeting in Mecca were: Governor Bala Mohammed of Bauchi State; Governor Dikko Radda of Katsina State; Governor Umar Bago of Niger State; Minister of Budget & Economic Planning, Senator Atiku Bagudu, and others.
