Nigeria Pushes for Islamic Development Bank Investments in Energy, Agriculture, and Infrastructure
Nigeria’s Minister of Finance Wale Edun, has urged the Islamic Development Bank (IsDB) to prioritize transformative investments and innovations in energy, agriculture, infrastructure, and rail development to address global development challenges effectively.
Speaking at the IsDB Governors’ Retreat held in Al-Madinah, Saudi Arabia, Wale Edun emphasized the need for sustainable development strategies with minimal debt burdens.
IsDB’s 10-Year Strategy
The retreat aimed to define the IsDB’s 10-year strategy (2026–2035), focusing on innovative financing solutions and sustainable development to tackle pressing global challenges. Highlighting Nigeria’s perspective, Wale Edun called for bold reforms and robust monitoring systems to ensure that investments yield impactful and sustainable results.
According to a statement shared by the Nigerian Presidency:
“The Honourable Minister of Finance, Mr. Wale Edun, advocated for innovative financing and transformative, high-impact investments in infrastructure, agriculture, rail, and energy. He also urged strategies that balance development with minimal debt while promoting sustainability.”
This approach underscores Nigeria’s commitment to fostering long-term growth and enhancing the bank’s contributions to the development of its member states.
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IsDB’s 10-Year Strategy
In a related development, President Bola Tinubu and other Nigerian delegates are participating in the Abu Dhabi Sustainability Week (ADSW), a global platform hosted by the United Arab Emirates (UAE).
ADSW brings together government leaders, private sector players, and civil society to accelerate responsible development and address key sustainability challenges. Supported by Masdar, the UAE’s clean energy leader, ADSW promotes initiatives aligned with:
- Sustainable Economic Development
- Just Energy Systems Transformation
- Innovation and Technology
- Financing for Scale
IsDB’s Commitment to Nigeria
President Ahmed Tinubu has previously engaged the IsDB in negotiations for a multi-billion-dollar financing facility aimed at addressing Nigeria’s infrastructure deficit.
Dr. Mansur Muhtar, Vice-President of Country Programs at the IsDB, emphasized the bank’s dedication to supporting Nigeria’s growth:
“We agree that if Nigeria succeeds, Africa will succeed. And the world needs Africa to succeed.”
Additionally, the IsDB has earmarked $125 million to support Abia State’s Integrated Infrastructure Development Project, showcasing its ongoing commitment to Nigeria’s development.
Why It Matters
This collaboration between Nigeria and international development platforms like the IsDB and ADSW highlights the country’s proactive approach to sustainable growth. By advocating for innovative financing and transformative investments, Nigeria is positioning itself as a leader in fostering sustainable economic and social progress in Africa.
