The Nation Newspaper

Tag: IDB

  • Jaiz Bank, IDB sign $20m SMEs financing deal

    Jaiz Bank Plc and Islamic Corporation for the Development of Private Sector (ICD), the development arm of Islamic Development Bank (IDB), yesterday signed a $20 million line of agreement to finance Small and Medium Sized Enterprises (SMEs) in the country.

    The financing deal covers sectors such as industry, communications, technology, health, manufacturing, agriculture among others.

    Managing Director, Jaiz Bank, Mr. Hassan Usman signed on behalf of the bank while the Regional Office Director of ICD, Mr. Okan Altasil signed for the corporation.

    Hassan promised to judiciously use the facility to promote financial inclusion and development of the grassroots.

    “We would ethically deploy the funds to develop SMEs which is our focus area. We are going to use it to finance the retail end of the economy with the hope of bringing financing to those financially excluded, in line with our mission of making life better for people through ethical financing,” Hassan said.

    The ICD management said the reason for extending such financing to some Nigerian banks was because SMEs have crucial role to play in a country’s growth and development.

    “This is an important niche in all the member countries, especially in Africa. ICD is now focusing on increasing access to funding to the private sector by channelling the funds to established financial institution in its member countries,” ICD stated.

    The ICD had previously extended a total of $120 million line of financing facility for the development of SMEs in Nigeria.

  • Fed Govt seeks IDB’s assistance to revitalise Northeast

    Fed Govt seeks IDB’s assistance to revitalise Northeast

    The Federal Government has appealed to the Islamic Development Bank (IDB) to help it implement the 2016 Buhari Plan for the revitalisation of the Northeast ravaged by insurgents.

    Finance Minister, Mrs Kemi Adeosun made the appeal yesterday in Abuja at the official inauguration of the Nigeria Country Gateway Office of IDB.

    She described the current economic challenges facing the country and other developing countries as potential opportunity to be harnessed by the people.

    “With the situation in the Northeast region in Nigeria, I call on the IDB Group to work with Developing Partners in operationalising the recovery and peace building assessment and the implementation of the recently constituted June 2016 Buhari Plan for the Revitilisation of the Northeast Region,” Mrs Adeosun said, adding that this “entails addressing aspects of interventions relating to peace building, stability and social cohesion; support critical productive infrastructure and service delivery, and provide capacity building and programme management support in national, state and local government institutions.”

    Mrs Adeosun acknowledged earlier supports, which the IDB had rendered to Nigeria but appealed that “more resources be provided as Nigeria requires far more resources to enable it address the challenges to enable it address the numerous challenges.”

    The Federal Government, she said “wish to propose the scaling up of IDB’s concessional resource and increasing overall financing to Nigeria and other parts of Africa member countries.”

  • IDB offers to increase support for Jaiz Bank

    The Islamic Development Bank Group, (IDB) has promised to continue its support for Jaiz Bank Nigeria Plc.

    Speaking while receiving the board and management of the Jaiz Bank, in Abuja, president of the Islamic Development Bank Group, (IDB) Dr Ahmad Mohamed Ali said IDB and members of its group are willing and ready to support Jaiz Bank strengthen its business interests in Nigeria giving that that Jaiz bank now has a National licence.

    Dr Ali said he was very happy with the progress made by the Jaiz family and tasked the board and management of Jaiz bank “to ensure that the bank becomes a role model for Islamic financing not only in Nigeria but in the whole Africa.”

    He assured Officials of Jaiz bank “that IDB as an institution will continue to assist the Jaiz Bank, This vision of IDB will continue, the strong relationship we have will be strengthened even after I leave office” he said.

    He noted that “with the opening of the gate way office in Nigeria the relations between the two banks will be further strengthened very soon.”

    The Chairman of the Jaiz Bank, Alhaji Umar Mutallab, who led the board, said the Jaiz family are happy with the leadership of Dr Ali at IDB.

  • IDB offers to increase support for Jaiz Bank 

    IDB offers to increase support for Jaiz Bank 

    The Islamic Development Bank Group, (IDB) has promised to continue its support for Jaiz Bank Nigeria Plc.

    Speaking while receiving the board and management of the Jaiz Bank, in Abuja, president of the Islamic Development Bank Group, (IDB) Dr Ahmad Mohamed Ali said IDB and members of its group are willing and ready to support Jaiz Bank strengthen its business interests in Nigeria giving that that Jaiz bank now has a National licence.

    Dr Ali said he was very happy with the progress made by the Jaiz family and tasked the board and management of Jaiz bank “to ensure that the bank becomes a role model for Islamic financing not only in Nigeria but in the whole Africa.”

    He assured Officials of Jaiz bank “that IDB as an institution will continue to assist the Jaiz Bank, This vision of IDB will continue, the strong relationship we have will be strengthened even after I leave office,” he said.

    He noted that “with the opening of the gate way office in Nigeria the relations between the two banks will be further strengthened very soon.”

    The Chairman of the Jaiz Bank, Alhaji Umar Mutallab, who led the board, said the Jaiz family is happy with the leadership of Dr Ali at IDB.

    He said with Jaiz bank’s newly acquired national licence from the Central Bank of Nigeria, the bank will soon start rolling out services nationwide.

    Alhaji Umar Mutallab assured the IDB “that the best for the Jaiz bank is yet to come as the board is constantly planning to make the group more innovative and a role model for non-interest banking in Africa.  IDB is a shareholder in the Jaiz bank.

  • Buhari welcomes IDB financing offer

    Buhari welcomes IDB financing offer

    President Muhammadu Buhari on Thursday in Mecca, Saudi Arabia,welcomed an offer by the Islamic Development Bank (IDB) to organize a financing roundtable in Abuja to mobilize more funds for investment and development of infrastructure in Nigeria.

    According to a statement issued by the President’s Senior Special Assistant on Media and Publicity, Garba Shehu, the President of the IDB, Dr Ahmed Mohammed Ali, made the offer at a meeting with President Buhari who is currently on an official visit to Saudi Arabia.

    Dr. Ali assured Buhari that the IDB will work with its traditional partners such as the Saudi Fund, the Kuwait Fund, Arab Bank for Development in Africa and the Abu Dhabi Fund, to increase the quantum of funding available to Nigeria.

    Welcoming the offer, President Buhari restated his government’s determination to revamp and diversify the Nigerian economy rapidly.

    Buhari said: “The days of Nigeria as a big oil producer with plenty of money are gone. We need all the support we can get to diversify our economy as quickly as possible.

    “We also need to rehabilitate our infrastructure, develop the domestic capacity to feed ourselves and export the surplus.”

    He welcomed the plan by the IDB to fast track the take-off of the Bilingual Education Program, aimed at integrating the Almajiri system of education with Western education in Nigeria.

    The IDB has already provided $98 million for the Bilingual Education Program in Adamawa, Gombe, Kaduna, Kano, Kwara, Nasarawa, Niger, Osun and Yobe States.

    The bank plans to support similar projects in other states of Nigeria.

  • Agric takes centre stage at Ife Day

    Agric takes centre stage at Ife Day

    •Group to raise N500m for community projects

    Ile-Ife, the cradle of the Yoruba, has returned the development of agriculture to the front burner.

    The yearly Ife Day celebration will take the youths through agriculture orientation to boost the economy of the ancient city.

    Members of the Ife Development Board (IDB), organisers of the Ife Day billed for March 13 to 15, spoke on the plan during a visit to The Nation’s headquarters in Lagos.

    The theme of this year’s celebration is: “Industrialisation for youth empowerment”.

    Those on the IDB’s three-man delegation to The Nation were the President, Prof Muibi Opeloye; Mr. Gbenga Adefaye and Mr. Kola Adetunmbi.

    Opeloye said: “Ife is an agrarian community and we have youths who are unemployed. We need necessary facilities like water, electricity and roads, and that is why we need the government’s assistance.”

    The board spoke of plans to raise N500 million during the celebration.

    Opeloye said: “Before the government comes to our aid, we want to start something.”

    He said the Ooni of Ife, Oba Okunade Sijuade, has donated land and funds for the board’s agricultural drive.

    Adefaye, who is the general manager/editor-in-chief of Vanguard and a former president of Nigerian Guild of Editors (NGE), said it is imperative that Ife youths take advantage of agriculture, given the abundance of fertile land.

    He said there was need to provide basic infrastructure, such as roads, to the many farms in the state.

    Adefaye said: “Some elites who have farms cannot access their farms when rain falls and the ordinary person cannot provide these infrastructure.”

    Adetunmbi called for the creation of an industrial park to create jobs.

    Activities lined up for the Ife Day celebration include cultural displays and a gala night on March 14.

    The grand finale, which includes the fund raising holds on March 15 at the Government Technical College on Ifewara Road at 10am.

    The fund raising will be chaired by Mallam Yusuf Ali. Prince Toye Ariyo is the chief launcher. Governor Rauf Aregbesola is the chief host.

    Vice-President Namadi Sambo; Senate President David Mark and House of Representatives Speaker Aminu Tambuwal are expected at the event.

    Also expected are Governors Kayode Fayemi (Ekiti); Godswill Akpabio (Akwa Ibom); Peter Obi (Anambra), Seriake Dickson (Bayelsa) and Gabriel Suswam (Benue).

    Others are Governors Emmanuel Uduaghan (Delta), Ibrahim Dankwambo (Gombe), Usman Dakingari (Kebbi) and Olusegun Mimiko (Ondo).

    The Emir of Ilorin, Alhaji Ibrahim Sulu-Gambari, is the royal father of the day.

  • IDB’s support to Nigeria hits $678m

    IDB’s support to Nigeria hits $678m

    ISLAMIC Development Bank (IDB) Vice President Birama Boubacar Sidibe, at the weekend in Abuja, said the bank has devoted $678 million to infrastructural development in Nigeria.

    Sidibe addressed State House correspondents after leading a delegation of IDB Group to a meeting with Vice President Namadi Sambo.

    Nigeria is one of the bank’s shareholders.

    He said: “…till date, we have approved $678 million. Half of it, till now, was devoted to financing trade; the rest was on Education, Health, Agriculture and Power, Water and Sanitation.

    “Infrastructure financing in Nigeria, mainly electricity generation and distribution, may lead to the need for connectivity. I mean, highways and railways being given a bigger level of things.”

    On the meeting with the Vice President, he said: “We are here with the Islamic Development Bank Group and I wish to say that Nigeria is one of the most important among the top eight shareholders.

    “We are here to support its development challenge , by bringing the resources, the know-how, the advisory from the multi-dimension aspects of our group.”

    On the power sector, he said: “…because of the ambitious and realistic privatisation programme, we are pleased to learn that the process that led to the selection of private sector operators in Nigeria could be able to be associated as operators in the generation and distribution.”

    “I think this is the best thing that can happen to a country where the energy challenge is there.’’