News in brief:
-Â Saudi Arabian investors are keen to invest in agriculture and road infrastructure projects in Nigeria’s Niger State, according to Governor Mohammed Bago discussion on the sidelines of the Saudi Arabian-Nigeria Roundtable Meeting.
– President Tinubu negotiates a multi-billion dollar infrastructure finance facility from the Islamic Development Bank for projects across Nigeria.
Saudi Arabian investors have expressed their willingness to invest in agriculture and road infrastructure projects in Niger State, Nigeria.
The state’s governor, Mohammed Bago, made the revelation during a media chat on the sidelines of the high-level Saudi Arabian-Nigeria Roundtable Meeting in Mecca, Saudi Arabia.
Led by President Bola Ahmed Tinubu, the sitdown also saw negotiations for a multi-billion dollar infrastructure finance facility from the Islamic Development Bank (IDB) to fund various infrastructure projects at both federal and sub-national levels in Nigeria. The president assured investors that bottlenecks will be crushed to allow them move their funds in and out of the country.
Meanwhile, Governor Bago expressed his delight at the outcomes of the investment parley and highlighted Niger State’s proximity to the Federal Capital Territory (FCT), as well as its abundance of water bodies for irrigation, four functional hydropower dams, and status as the largest producer of shea nuts and paddy rice in Nigeria as key factors that attracted the investors.
The governor further explained that the state was chosen as the location for the first pilot scheme due to its favorable conditions for agriculture and infrastructure development. He added that this collaboration will showcase the state’s capabilities and attract further investments.
In related news, President Tinubu’s efforts at the Saudi-Arab-African Economic Summit resulted in the announcement of a $50 billion investment package for the African continent from the Arab Coordination Group (ACG). This investment is expected to significantly benefit Nigeria, as the country is the largest market and economy in Africa.
President @officialABAT meets Islamic Development Bank management, negotiates multi-billion dollar funding package for infrastructure
President Bola Tinubu, on Monday night, in Mecca, Saudi Arabia, advanced negotiations concerning a multi-billion dollar infrastructure finance⦠pic.twitter.com/q1Lmtedstf
â Presidency Nigeria (@NGRPresident) November 14, 2023
The Islamic Development Bank’s Vice-President also reiterated the institution’s commitment to supporting Nigeria’s economic transformation. This support is crucial for Nigeria’s development, as the country seeks to diversify its economy and create sustainable jobs for its citizens.
