Nigeria Partners With The Islamic Bank Development Group To Sponsor Economic Projects


On Monday, the Nigerian Islamic Development Bank (IDB Group) was inaugurated in Abuja.

The Islamic Development Bank is a Saudi Arabian bank founded in 1975 with locations in 56 countries. The aim of the bank is to foster social progress in its member states.

This is not the first time Nigeria will be collaborating with the Islamic nations since the Buhari-led administration. President Buhari has partnered with the Arab world in the fight against terrorism. In March 2016, Buhari signed the Islamic Military Alliance agreement.

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Now that the economic state of Nigeria is utterly poor it is no surprise that Mr President is running to them for aid.

The reason for the partnership is to fund several projects. According to Buhari the Islamic bank will on the long run help the country on matters of health, water and infrastructural development.

The President tendered his profound gratitude to the IDB Group, who had previously helped in the funding of some projects in Osun, Kaduna, Jigawa, Niger, Katsina, Kano and Ebonyi states.

During the Monday occasion, the Nigerian President shared his delight at the latest development. He assured the people that Nigeria’s economy will definitely be improved.

He also assured the nation that Nigeria is making a head way in terms of rice and sugar production. Once again he made it clear that agriculture is the targeted sector to improve the nation’s economy.

Still at the inauguration of the IDB Country Gateway office, the Nigerian Minister of Finance, Mrs. Kemi Adeosun made a special appeal to the Islamic bank to help the nation restore and revive basic resources and amenities in the much destroyed north-east region by Boko Haram.

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Adeosun said:

“I call on the IDB Group to work with development partners in operationalizing the recovery and peace building assessment and implementation of the recently constituted June 2016 Buhari plan for the revitalization of the North-East.”

In return the IDB Group Chief, Dr. Ahmad Ali appreciated Buhari’s fight against corruption; saying that they find his efforts in that regard very inspiring. In all, they expressed their willingness to help out the nation in any that they can.

Nigeria has been a member-state of the IDB Group since 2005. The President particularly thanked them and other countries who gave their assistance to Internally Displaced Persons in the north-east region of Nigeria.