Nigeria Urges Increased Investment In Key Sectors At IsDB Retreat

Nigeria’s Finance Minister, Wale Edun, urges the Islamic Development Bank (IsDB) to increase investment in energy, infrastructure, agriculture, and railway development at the ongoing IsDB Governors’ Retreat in Al-Madinah, Saudi Arabia.

Edun emphasizes the importance of innovative financing and bold reforms to address global development challenges as part of the IsDB’s 10-year strategy (2026–2035). He advocates for sustainable, high-impact investments that foster growth with minimal debt, calling on the IsDB to enhance its financing approach by implementing robust monitoring systems to ensure lasting positive outcomes.

The retreat provides an opportunity for member states to shape the future direction of the IsDB and improve its impact across various sectors.

In a related development, President Bola Tinubu, along with Nigerian delegates, participates in the Abu Dhabi Sustainability Week (ADSW) in Saudi Arabia. The event, a global platform supported by the UAE and its clean energy leader, Masdar, brings together leaders from governments, businesses, and civil society to address pressing sustainability challenges.

ADSW focuses on responsible development and cross-sector collaboration. This year’s discussions align with the UAE’s Net Zero 2050 initiative and the goals of the Paris Agreement and COP28, covering areas such as sustainable economic development, energy transformation, innovation, and financing for scale.

In line with Nigeria’s ongoing collaboration with the IsDB, the bank has committed to supporting large-scale investments to address the country’s infrastructure deficits. IsDB’s Vice-President of Country Programs, Dr. Mansur Muhtar, expresses the bank’s commitment to backing investments in Nigeria, recognizing the country’s strategic role in Africa’s success. Additionally, the IsDB has earmarked $125 million for the Integrated Infrastructure Development Project in Abia State.