Nigerian President Bola Tinubu has engaged in discussions with representatives from the Islamic Development Bank (IsDB) regarding a potential “multi-billion dollar infrastructure finance facility.” The meeting took place in Mecca, Saudi Arabia, with the aim of exploring financing options for the construction of ports and power plants in Nigeria. Tinubu’s spokesperson provided no further details about the specific finance package being sought by the Nigerian government. During the meeting, Tinubu emphasized the country’s deficits in port infrastructure, power infrastructure, and agro-allied facilities, highlighting the investment opportunities available in Africa’s largest market. The IsDB, a multilateral development bank headquartered in Jeddah, Saudi Arabia, specializes in providing financing for infrastructure and other development projects in Muslim-majority countries.
