The Federal Government and the Islamic Development Bank (IsDB) have signed a Memorandum of Understanding (MoU) to deepen their collaboration, focusing on sustainable economic development and growth.

The partnership aims to drive economic growth, reduce poverty, and improve Nigerians’ overall well-being.

The partnership is built on four pillars: infrastructure for economic transformation, social development and education, innovative and ethical finance, and regional leadership and South-South cooperation.

It also includes agriculture, renewable energy, and healthcare.

Speaking at the IsDB Group Day in Lagos, the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, emphasised the need for Nigeria to shift from reliance on public financing to mobilising private sector investment, leveraging partnerships with institutions like the IsDB to attract capital with purpose.

The minister called on investors, partners, and stakeholders to join Nigeria in its next phase of growth and development, saying the country was building an economy that would be resilient by design, inclusive by nature, and globally competitive by ambition.

On his part, the Director General, Country Programmes at IsDB, Anasse Aissami, said the group had approved total financing of more than $2.32 billion in investment for Nigeria, with a focus on special agro-industrial processing zones and halal economy development.

The partnership also explores opportunities for Sharia-compliant financing and innovative financial instruments, including Sukuk financing.

The event was attended by government officials, representatives of the IsDB, and other stakeholders.