Nigeria seeks Islamic Bank’s support in infrastructure financing

Nigeria has sought the support of the Islamic Development Bank to fund the construction of the Second Niger Bridge on Private Public Partnership (PPP) and other projects.

Nigeria also urged the speedy completion of on-going projects being sponsored by the bank in the country.

This was stated at the weekend at the just-concluded 42nd annual meeting of the bank during a business meeting with its Vice President, Operations and Nigeria’s former Minister for Finance, Dr. Mansur Mukhtar.

Permanent Secretary in the Federal Ministry of Finance, Dr. Mahmoud Isa-Dutse, who led Nigeria’s delegation and represented the Minister of Finance, Mrs. Kemi Adeosun, described the meeting as fruitful, where the position of the country was presented and mutual understanding reached between both sides.

The permanent secretary reminded the bank of President Muhammadu Buhari’s request for support for the reconstruction and provision of infrastructures in the North East in collaboration with the World Bank and the African Development Bank.

The Islamic Development Bank has provided loans for projects in many states.

Also, the Managing Director of Credit Bureau Limited, Mr. Ahmed Popoola has said implementation of the concept of Islamic banking could lift the country’s economy out of the current economic recession.

Popoola stated this at the annual national conference of the Muslim Lawyers’ Association of Nigeria (MULAN) in Lagos at the weekend.

According to him: “Islamic finance is an alternative option worth exploring to raise funds for public works and to support the private sector access to finance.

“People think the Islamic financial system is faith-based, but it is based on justice for the two parties. Besides, the system does not allow investments that harm people or the environment, thereby promoting sustainable finance.”