Islamic Bank to mobilise Arab funds for Nigeria’s infrastructure

Buhari pledges co-operation

The Islamic Development Bank (IDB) has said it would mobilise resources from the Arab funds for developmental projects in Nigeria and its private sector, particularly in agriculture.

Receiving the president of the IDB group, Dr. Ahmad Mohamed Ali Al-Madani in Abuja yesterday, President Muhammadu Buhari assured of Federal Government’s readiness to deepen partnership with the bank to fund critical projects in the country.

President Buhari acknowledged the bank’s assisted projects in Osun, Kaduna, Jigawa, Niger, Katsina, Kano and Ebonyi states, which demonstrated its “soft spot and robust support” for Nigeria.

“We can’t thank you enough for the height you have achieved for the bank in 41 years. Now that you are about to retire, we thank you for the quality leadership, which the world has recognized,” the President said.

He also expressed appreciation to the IDB Group and other countries for extending assistance to Internally Displaced Persons in the Northeast.

The President assured the visiting IDB chief that Nigeria, a major financier of the bank, would meet all its obligations to the development institution within the shortest time possible.

He highlighted efforts of government at diversifying the economy with emphasis on agriculture and expressed strong optimism that Nigeria would achieve self-sufficiency in rice and sugar and export of both commodities soon.

Al-Madani, in his response, congratulated President Buhari on the positive outcomes of the war against corruption and terrorism.

The IDB chief had, earlier at the inauguration of its gateway office in Abuja, enumerated sectors of priority to include health, agriculture, infrastructure, SME and regional integration.

Al-Madani said the gateway office would further enhance the status of Nigeria as the largest member of the IDB group in Africa and that this role will be further displayed after the completion of on-going Algiers to Lagos Expressway.

Minister of Finance, Mrs. Kemi Adeosun described the current challenges faced by Nigeria and other developing countries as potential for immense opportunities.

Adeosun, who acknowledged previous support, which the bank had rendered to Nigeria, appealed that more resources be provided, as the country requires far more resources to enable it address current challenges.