FG Urges Islamic Development Bank To Inject More Capital Into Nigeria’s Economy



Nigeria has urged the Islamic Development Bank (IDB) to inject more capital into the nation’s economy in support of infrastructural development and general economic development. This call was made Thursday, in Abuja, by the President, Dr. Goodluck Ebele Jonathan when he declared open the IDB-Nigeria Business Forum.

The President, who was represented by the Vice President, Arc Mohammed Namadi Sambo at the occasion said “this will complement our current efforts of a sustained economic reform and 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.”

Speaking further the President urged the IDB to stage more of the Forum to enable more Nigerians have access to the facilities and opportunities provided by the bank.

According to Dr. Jonathan, his administration had put in place various policy measures that would facilitate sustainable economy development and increased inflow of Foreign Direct Investment into the country.

Some of such policy measures he enumerated included port reforms, strengthening of the Nigerian Investment Promotion Commission (NIPC), reduction of the inflation rate, raising the GPD rate and per capita income.

“Our per capita income is expected to rise from $1,222 to $1,450. Inflation has also fallen from 12 per cent at end of 2010 to 10.3 per cent at present.”

In his address the President of the IDB Group, Dr. Ahmad Mohamed Ali, disclosed that the Forum, which was the first with Nigeria, was to avail the Nigerian public the products, services and workings of the institution.

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.

Dr. Ahmad stated 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 event graced by top notches from the public and private sector, witnessed the signing of the Bilingual Education Programme (BEP), between Nigeria and the Bank. The programme was aimed at supporting the Federal Government’s Almajiri education programme. The bank was supporting the Federal Government with US$98 million.

 

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