President Bola Tinubu has been courting the Saudi government in recent time and has recently visited the Islamic Development Bank (IDB) to seek funding for infrastructure.
On Monday, President Tinubu in Makkah advanced negotiations for a multi-billion-dollar infrastructure finance facility from the Islamic Development Bank, IDB.
The Special Adviser to President on Media and Publicity, Ajuri Ngelale, issued a statement to this effect on Tuesday in Riyadh, Saudi Arabia.
This development was the outcome of substantive investment discussions held between the President and Vice-President (Country Programs) of the IDB, Dr Mansur Muhtar.
Tinubu’s Speech
“Nigeria is the candle of hope that will light the way for Africa. And once this happens, the world will be a brighter place for all of humanity.
“We are determined to create a future for our gifted youths.
“Investments in Nigeria will be among the world’s most high-yielding.
“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.
“We have serious deficits in port infrastructure, power infrastructure, and agro-allied facilities that will enable sustainable food security in our country.
“These deficits present unrivalled opportunities for savvy investors in a market that is by far the largest on the continent.
“Yes, we had the vision to enable Lekki Deep Seaport before others saw it. We must be bold again.
“We inherited serious liabilities, but also assets from our predecessors and we do not make any excuses.
“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.
“You have partnered with us before. We want to scale it up now and do much more with greater ambition and clear vision,” the President stated.
