Tinubu's visit to Mecca, Saudi Arabia, on Monday has been on a positive scale as negotiations continue, as he is clamouring for a multi-billion-dollar infrastructure finance facility to be financially supported by the Islamic Development Bank (IDB) for a multi-sectoral portfolio of infrastructure projects across both federal and sub-national levels in Nigeria.
This was revealed by the Special Adviser to the President on Media and Publicity, Ajuri Ngelale who said that the funding is meant for a multi-sectoral portfolio of infrastructure projects at the federal and sub-national levels in Nigeria
At the meeting in Mecca, President Tinubu described Nigeria as “the candle of hope that will light the way for Africa" and added that “once Africa is illuminated, the world will be a brighter place for all of humanity”.
In the meeting, Tinubu emphasized his administration's willingness and determination to create a substantial future for the youths of the country, whom he believes are gifted. He also added that investments in Nigeria will be among the world’s most high-yielding and he stated that investor's money will flow in and out of the country without encountering problems.
He also assured the IDB that the process would be smooth, seeing that the bank has always been a faithful partner in progress.
He said, in part,
- We have serious deficits in port infrastructure, power infrastructure, and agro-allied facilities that will enable sustainable food security in our country.
- We inherited serious liabilities but also assets from our predecessors. 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.