President Bola Tinubu has said that his administration inherited serious liabilities but also assets from his predecessors.
Tinubu who spoke on Monday night in Mecca, Saudi Arabia, lamented that Nigeria has serious deficits in port and power infrastructure, as well as agro-allied facilities.
But the Nigerian leader says he would not make any excuses, according to a Tuesday statement from his spokesman Ajuri Ngelale.
President @officialABAT meets Islamic Development Bank management, negotiates multi-billion dollar funding package for infrastructure
— Presidency Nigeria (@NGRPresident) November 14, 2023
President Bola Tinubu, on Monday night, in Mecca, Saudi Arabia, advanced negotiations concerning a multi-billion dollar infrastructure finance… pic.twitter.com/q1Lmtedstf
“We inherited serious liabilities, but also assets from our predecessors. We do not make any excuses,” Tinubu was quoted as saying.
“There are several sectors replete with investment opportunities for smart investors. Access to finance and guarantees can be a hindrance in some cases. You can come in there. We see you as a critical enabler.
“You have partnered with us before. We want to scale it up now and do much more with greater ambition and clearer vision.”
At the Mecca meeting, President Tinubu also advanced negotiations concerning a multi-billion dollar infrastructure finance facility from the Islamic Development Bank to fund a multi-sectoral portfolio of infrastructure projects at the federal and sub-national levels in Nigeria.
The development was the outcome of substantive investment discussions held between President Tinubu and the Vice-President (Country Programs) of the Islamic Development Bank, Dr. Mansur Muhtar, after the President’s return from evening prayers, the presidential spokesman said.
“Nigeria is the candle of hope that will light the way for Africa. And once Africa is illuminated, the world will be a brighter place for all of humanity.
“We are determined to create a future for our gifted youths. Investments in Nigeria will be among the world’s most high-yielding. Investor money will flow easily in and out of our country. Processes will be seamless. And your bank has always been a faithful partner in progress,” the statement added.