By Felix Onuah in Abuja (Reuters) – 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 (November 14, 2023).
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.
“These deficits present unrivalled opportunity for savvy investors in a market that is by far the largest on the continent,” he said.
On Friday, Nigeria agreed to a series of investments and cooperation deals with Saudi Arabia, including a pledge by the Saudi government to make a “substantial deposit” of foreign exchange to help boost Nigeria’s forex liquidity.