Islamic bank accepts $1.8 billion to finance projects in Nigeria.

The Islamic Development Bank has approved $1.8 billion to finance numerous important projects in Nigeria in an effort to boost economic growth.

This information was revealed by Dr. Mohamed Jasser, President of the Saudi-based bank, at a meeting with Mrs. Zainab Ahmed, Minister of Finance, Budget, and National Planning, on Monday in Abuja.

He declared, “A total financing of $1.8 billion has been granted for Nigeria by the Islamic Development Bank. This comprises $971 million in project financing, $288 million from our affiliate in the private sector, $477 million in trade operations from our trade arm, the International Islamic Trade Finance Corporation, and $90 million from other funds and activities from the Islamic Development Bank Group.

Jasser revealed that the Islamic Development Bank has a $1.2 billion portfolio in Nigeria, noting that 35% of those projects were now complete and looking forward to advancing bilateral and regional projects with Nigeria.
He praised the federal government’s efforts at economic diversification and said that the bank’s portfolio included 15 of the union’s states.
In order to help Nigeria recover from COVID-19, he added, “the Islamic Development Bank will provide the required support to the private sector to create jobs and reignite economic growth.”

In order to demonstrate that the bank was aware of Nigeria’s potential and business opportunities, he listed two important projects: the Special Agro-Industrial Processing Zones Program and the Nigeria-Morocco gas pipeline.

He pleaded with the minister to assist the bank in acquiring land in Abuja so it could construct because the current office was no longer enough for business.

He claimed that the bank was actively supporting Nigeria with three capacity-building initiatives, one of which was the National Hajj Commission of Nigeria.

An organization that provides international development financing with a focus on infrastructure development is the Islamic Development Bank. Nigeria holds 8.75% of its 57 member states’ ownership in the organization.