Nigeria Deepens Partnership with Islamic Development Bank for Economic Growth

Nigeria and the Islamic Development Bank (IsDB) have strengthened their strategic partnership following a high-level bilateral meeting in Washington D.C., led by the Minister of State for Finance, Dr. Doris Uzoka-Anite.

This engagement underscores Nigeria’s commitment to accelerating economic growth and development under President Bola Ahmed Tinubu’s Renewed Hope Agenda.

Focus on Innovative Islamic Financing

The discussions, which included a high-level delegation from the IsDB, focused on identifying new areas of collaboration that promise tangible benefits for the Nigerian economy. Key topics included leveraging Sukuk financing, exploring other Sharia-compliant financial instruments, and utilizing innovative mechanisms to fund major projects.

The dialogue built upon existing cooperation between the two entities in critical sectors such as agricultural development, renewable energy, infrastructure, education, and healthcare. The parties also explored opportunities in special agro-industrial processing zones and the development of the halal economy. This expanded partnership is expected to create jobs, reduce poverty, and stimulate national economic growth.

“This meeting underscores the strong bond between Nigeria and the IsDB,” said Dr. Uzoka-Anite. “We appreciate IsDB’s support and look forward to leveraging their expertise to accelerate our economic growth and development initiatives.”

The strategic meeting demonstrates the Nigerian government’s proactive approach to fostering economic cooperation and dialogue with global institutions to navigate current global economic complexities and drive sustainable development.

The statement confirming the engagement was released by Mohammed Manga, Director of Information and Public Relations.