The Islamic Development Bank has approved $1.8 billion in financing for several key projects in Nigeria to spur economic growth. Dr. Mohamed Jasser, President of the Saudi-based bank, revealed this during a meeting with Mrs. Zainab Ahmed, Minister of Finance, Budget, and National Planning, on Monday in Abuja.
He said, “The Islamic Development Bank has approved a total financing of $1.8bn for Nigeria. This includes $971m in project financing and $288m provided by our private sector affiliate and $477m in trade operation by our trade arm, International Islamic Trade Finance Corporation, and $90m by other Islamic Development Bank Group funds and operations.”
Jasser disclosed that the Islamic Development Bank’s portfolio in Nigeria stood at $1.2bn, noting that the bank had completed 35 per cent of those projects and looked forward to strengthening the bilateral and regional initiatives with Nigeria.
He said the bank’s portfolio covered 15 states of the federation, commending the Federal Government for its economic diversification initiatives.
“The Islamic Development Bank will support Nigeria’s recovery from COVID-19, including providing the necessary support to the private sector to create jobs and revive economic growth,” he noted.
He cited two key projects – the Special Agro-Industrial Processing Zones Program and the Nigeria-Morocco gas pipeline – as evidence that the bank recognized Nigeria’s potential and opportunities for the private sector.
He requested that the minister assist the bank in obtaining a plot of land on which to build in Abuja, as the current office was no longer adequate for operations.
He stated that the bank had three active capacity-building programs in Nigeria, one of which was with the National Hajj Commission of Nigeria.
The Islamic Development Bank is a multilateral development bank focused on infrastructure development. It has 57 shareholding member states, with Nigeria accounting for 8.75% of the equity.
