Nigeria gets $1.8bn from Islamic bank, search for land to Build Headquarters in the Country begins
- Nigeria will be getting a 1.8 billion dollar from Islamic banking for infrastructure development across the country
- Islamic bank has also revealed plans to build a bigger headquarters in Nigeria and wants federal government help
- The Islamic Development Bank has 57 shareholding member states, with Nigeria holding a 8.75 per cent equity
The Federal government of Nigeria will be getting $1.8 billion(N786.60bn) from the Islamic Development Bank.
This was disclosed by the President of the Saudi-based bank, Dr Mohamed Jasser, at a meeting with the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, in Abuja on Monday
According to the bank's president, the money will be used to execute projects across the country.
Source: Facebook
Details about the Islamic development bank finance
Speaking on the loan, Jasser said:
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“The Islamic Development Bank has approved a total financing of $1.8bn for Nigeria.
“ This includes $971m in project financing and $288m provided by our private sector affiliate and $477m in trade operation by our trade arm, International Islamic Trade Finance Corporation, and $90m by other Islamic Development Bank Group funds and operations.”
According to the Punch, Jasser also revealed that the Islamic Development Bank's portfolio in Nigeria stood at $1.2 billion, with the bank having completed 35% of those projects and looking forward to strengthening bilateral and regional initiatives with Nigeria.
He stated that the bank's portfolio included 15 federation states and praised the Federal Government for its economic diversification initiatives.
Jasser continued:
“The Islamic Development Bank will support Nigeria’s recovery from COVID-19, including providing the necessary support to the private sector to create jobs and revive economic growth.
He cited two key projects – Special Agro-Industrial Processing Zones Program and the Nigeria-Morocco gas pipeline – noting that the bank was aware of Nigeria’s potential and opportunities for the private sector.
Request to build headquarter in Nigeria
ThisDay reports that Jasser also appealed to the minister to help the bank get a piece of land where it could build in Abuja as the current office was no longer enough for operations.
He said the bank had three active capacity-building programmes in Nigeria, including one in the National Hajj Commission of Nigeria, to support the country.
Buhari borrows over N10 billion daily in the last six years
Meanwhile, each Nigerian is a debtor, owing over N160,000 due to the amount of loan borrowed by President Buhari since he came into power after the presidential election in 2015.
President Buhari has borrowed N21 trillion since July 2015, increasing Nigeria's debt to N33.1 trillion as of March 2021, according to data from the Debt Management Office (DMO).
A breakdown of the debt linked to President Buhari's administration showed that on a daily basis, the country secures over N10 billion within the last six years.
Source: Legit.ng
