The Federal government of Nigeria is set to receive $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.
Speaking on the loan, Jasser said: 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.
However, 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.
 from the Islamic Development Bank.){kind=link}