Nigeria welcomes Islamic Bank infrastructure financing offer

President Muhammadu Buhari and King Salman Bin Abdul-Aziz Photo: BBC

President Muhammadu Buhari Thursday in Mecca welcomed an offer by the Islamic Development Bank, IDB, to organize a financing round-table in Abuja to mobilize more funds for investment and development of infrastructure in Nigeria.

The president of the IDB, Ahmed Ali, made the offer at a meeting with Mr. Buhari, who is currently on an official visit to Saudi Arabia.

Mr. Ali assured Mr. Buhari that the IDB will work with its traditional partners such as the Saudi Fund, the Kuwait Fund, Arab Bank for Development in Africa and the Abu Dhabi Fund to increase the quantum of funding available to Nigeria.

Welcoming the offer, Mr. Buhari restated his government’s determination to revamp and diversify the Nigerian economy rapidly.

“The days of Nigeria as a big oil producer with plenty of money are gone.

“We need all the support we can get to diversify our economy as quickly as possible.

“We also need to rehabilitate our infrastructure, develop the domestic capacity to feed ourselves and export the surplus,” the president said.

Mr. Buhari also welcomed IDB’s plan to fast track the take-off of the Bilingual Education Program, aimed at integrating the Almajiri system of education with Western education in Nigeria.

The IDB had already provided $98million for the Bilingual Education Program in Adamawa, Gombe, Kaduna, Kano, Kwara, Nasarawa, Niger, Osun and Yobe States.

The bank plans to support similar projects in other states of Nigeria.


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  • Otile

    Wallahi. This stupid_man is on the verge of islamizing Nigeria.

    • New Nigerian

      And your type goes to Dubai at the drop of a hat! What sort of crass self- hate are you espousing here? This is indeed shameful

    • TC

      If I call out your name now you will say I’m vulgar, but you think it’s okay to for you to insult… Stupid_anal_gutter idi0t….

    • Prophet

      if there was an agenda to Islamize Nigeria, your birth name would have been Abdullahi…so be quiet!

    • Silly Christian. What stops Christians from establishing christian banks?

      • Du Covenant

        Nigerian banks are predominantly managed by christians, how many times have these banks failed and for what reason?

  • Excisionist

    This is APC’s change- Islamization of Nigeria ! What is Judas Osinbanjo’s response to the ongoing active Islamisation of Nigeria? We would like to know.

    On the other hand, these Islamic religious hypocrites from Arab countries wont put their own house in order first before looking for where else to destabilize. Look at what is happening in the Arab world. Wars and refugees.

    If they have a lot of resources, why not use it to resettle the refugees from Syria, Libya, Iraq, Yemen, Somalia – you name it. Saudi Arabia and Kuwait have not taken a single refugee from Syria, Iraq etc. They are also not contributing financially to help solve the problems these filthy Muslim refugees are creating in Europe and Turkey

    Europe is suffocating from Refugees from Arab and Islamic world who brought with them all kinds of evil, including rape epidemics. That is the result you get from anywhere they put their fingers on. Already Nigeria is suffering from their meddling. But they don’t seem to be satisfied. They want complete destabilization as in their Arab and Islamic countries.


    • Jika

      Please remind me where Major Gideon Orkar is again?

    • New Nigerian

      You do not need to remind us that Pdplutocrats under Jonathan was using Boko Haram to excise part away from Nigeria. 36,000+ Nigerians killed, 14 local government renderred into a separate no-mans land outside of Nigeria and the whole North on the verge of being sucked into the evil no-man’s land that the ineffectual buffoon was creating through pdp militia a.k.a Boko Haram. While at ths ame time stealing 100s of billions to effectively render Nigeria a failed state. God will reward you according to your intentions – and that is a fact.

      • Excisionist

        Ostrich !!!

  • New Nigerian

    This is awesome news indeed. It’s all
    hands on deck on reviving Nigerian economy! From Washington, to Riyadh,
    London, to Berlin, to Paris, to Dubai, to Cairo, to New Delhi, to
    Makkah, to Beijing, to Johannesburg ….east, west, north and south
    ….all friends of Nigeria are rising in unison to support Nigeria
    through the government of the people by the people for the people headed
    by President Muhammadu Buhari rise from the back woods of neglect to
    take it’s rightful place as it marches to greatness. Nigeria has never
    had it so school from a good will standpoint – May this bring the best
    to Nigeria and the world. Ameen

  • JasV

    He who rides on the back of a tiger must remain permanently stuck there. You can not take this loan and five years from today start wondering what brought terrorists into the airspace of NIGERIA.

    • Du Covenant

      I would like to ask you, what have the Nigerian christians brought to the country as an alternative?. We are all living witnesses to the disaster that a hypocritical christian President-‘Fortunato’ whose pictures are all over the place kneeling down in churches claiming to be praying as a christian yet, it all turned out to be the worst thing that ever happened to our Country for 5 yrs and you have the guts to bring religion into the mess we are in?.

      • JasV

        My broda, this and my comment has nothing to do with whether the president is ogogoro drunken sailor on land who barefooted became president or forward looking or corruption averse president that we now have, but it has everything to do with satanic influenced intolerant islamic extremism of some muslims Boko Haram, ISIS, al-qaeda etc (uncountable) who are all creations of rivalry between saudi arabia and iran.
        I repeat, take the loan and see what happens to Nigeria in five to ten years from now. The easiest and the quickest way to split the country my broda.

  • Christians will be the first to complain. What stop them from establishing christian banks. The Muslims love their religion and they are investing to its spread. On the other hands Christians are investing in private jets. We can’t eat our cake and have it.

  • Sparzo

    The masters of the universe are not going to like this.
    Well, they can go fcuk off.

  • NoSpinEd

    It is not out of place to borrow money from an Islamic bank to solve an Islamic problem. The question is: at what cost to a religiously diverse country like Nigeria? We must know the terms of this loan up front to allay any concerns about Islamic backdoor hegemony.

    • Du Covenant

      As a Nigerian Christian, I find your comment timid and despicable. For the past 55yrs Nigeria has been sucking up to the christain West, borrowing from the IMF, world bank, Paris club to name just a few, what have we got to show for?. How many times have Nigerian banks failed because of the greedy christian managers of these banks?. You should be ashamed of yourself if at all you are a Nigerian christian!.

      • NoSpinEd

        My concern stands. I see nothing timid or despicable about demanding transparency in the procurement of a loan from a religious entity (Muslim or Christian) on behalf of a pluralistic nation.

        • Du Covenant

          Great, we are now on the same page for qualifying your statement to include christian entities. We should demand transparency, accountability in everything from our so called leaders and not only when it comes to dealings with Islamic institutions. Nigeria is a secular State after all. GEJ was the biggest hypocrite to ever preside over the affairs of our country and the damage is there for all to see.