Islamic Bank Invests Heavily in Nigeria’s Economy

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The Islamic Development Bank (IDB) has continued to invest billions of Nigeria into the Nigeria’s economy. The Vice President of Nigeria, Arc Mohammed Namadi Sambo testified to the development when he said that IDB is a veritable development partner for its investments in education, energy and infrastructural project in the country.

The Vice President stated this when he received the President of the IDB Group, Dr. Ahmad Mohamed Ali Al-Mandani and his team at his official residence, Aguda House, Abuja.

He said: “I am happy that Almighty Allah has shown us the day that you have come with your team to finally introduce your Bank fully to Nigeria, and the good offers that you have that will support Nigerians and particularly this administration in achieving our objective in transforming our country.”

Arc Sambo expressed the appreciation of President Jonathan with the funding support that the Bank had been given Nigeria particularly, the Zungeru Hydro Power Plant, the Zaria Water project and the Bilingual Project aimed at addressing the Almajiri education system among others.

VP Sambo noted that the Bank was in the league of international financial institutions, like the World Bank and the African Development Bank, expressing optimism that Nigeria would fully subscribe to the numerous products and services in the Bank had to offer, especially as it had set aside about $2 billion to support both the public and private sector in the country.
Sambo also urged Bank to inject more capital into the nation’s economy in support of infrastructural development and general economic development. “Nigeria being an important member of the bank is looking forward to such an opportunity to facilitate the re-building of its infrastructure, revamping the manufacturing sector and creating employment for our teeming youth.”

Earlier, the President of IDB, Dr. Al-Mandani disclosed that they were in the country to further strengthen the existing relations between Nigeria, the Bank and other member countries, and to also avail the Nigerian public and private sector the numerous benefits abound in the Bank.

He stressed that the bank was not a religious bank; does not impose conditionality for access to its products by member countries, and nor does it engage in ethnic chauvinism. He added that the
IDB Group was committed to expand and enhance collaboration with Nigeria as a close and active partner for an inclusive regional and global development. He disclosed that the bank would establish a pilot Country Gateway office in Nigeria, with the aim of bringing the bank closer to its clients.

To this end the Bank had committed about US$470 million in the country. He enumerated several intervention projects the bank was undertaking in Nigeria, such as the National programme for Food Security, Zungeru dam project, Mambilla hydroelectric dam project, Lagos-Ibadan Expressway project, National Railway Rehabilitation project and the Shagamu-Benin dual carriage project.
The IDB was established in 1975, with its headquarters in Jeddah, Saudi Arabia. Nigeria became a member in 2005 and is number five in the ranking of the Bank with representation of an Executive Director. The Bank has 56 members. The major shareholders of the Bank are Saudi Arabia, Libya, Iran, Egypt, Qatar, Kuwait, Turkey and Nigeria.

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