Nigeria in talks with Islamic bank for infrastructure finance

Nigerian President Bola Tinubu met top officials of the Islamic Development Bank (IsDB) to negotiate a “multi-billion dollar infrastructure finance facility” to help build ports and power plants, his spokesperson said on Tuesday.

Tinubu held talks with IsDB vice president Mansur Muhtar late on Monday in Mecca, Saudi Arabia, spokesperson Ajuri Ngelale said in a statement. He didn’t provide further details of the finance package sought by the Nigerian government.

“We have serious deficits in port infrastructure, power infrastructure, and agro-allied facilities,” Tinubu said in the statement.

“These deficits present unrivalled opportunity for savvy investors in a market that is by far the largest on the continent,” he said.

source: CNCB