Tag: IsDB

Nigeria and the Islamic Development Bank (IsDB) have held discussions on new areas of collaboration designed to stimulate economic growth, attract Sharia-compliant investments, and expand infrastructure financing.

At a bilateral meeting held in Washington D.C., Minister of State for Finance, Dr. Doris Uzoka-Anite, led Nigeria’s delegation in a dialogue with senior officials of the IsDB to review ongoing partnerships and identify fresh opportunities that would deliver measurable benefits to the Nigerian economy.

According to a statement from the Ministry of Finance, the talks focused on expanding cooperation in Sukuk financing, Sharia-compliant funding, and innovative financial instruments that can support the federal government’s fiscal and development priorities.

The meeting also explored collaboration in agricultural development, renewable energy, infrastructure, education, and healthcare—sectors where IsDB has already partnered with Nigeria.

Both sides agreed to examine potential cooperation in special agro-industrial processing zones and halal economy development, initiatives expected to create jobs, reduce poverty, and promote sustainable growth.

Read Also: Finance Minister getting better, says Dare

 “The meeting, which was attended by a high-level delegation from the IsDB, provided an opportunity to discuss various areas of mutual interest and explore avenues for advancing ongoing cooperation between Nigeria and the IsDB,” the ministry said.

Uzoka-Anite said the renewed engagement with the IsDB aligns with the administration’s goal of strengthening development partnerships and unlocking alternative sources of financing for national projects.

 “This meeting underscores the strong bond between Nigeria and the IsDB,” she stated. “Under the Renewed Hope Agenda, President Bola Ahmed Tinubu’s Administration remains committed to repositioning our economy and driving infrastructure development. We appreciate IsDB’s support and look forward to leveraging their expertise to accelerate our economic growth and development initiatives.”

The Federal Government has called on the Islamic Development Bank (IsDB) to rethink its development financing approach to address current global economic realities.

Speaking at the IsDB Governors’ Retreat held in Al-Madinah, Saudi Arabia, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, stressed the need for bold reforms and smarter investments to ensure sustainable development across member nations.

The retreat aimed to gather input and build consensus on the IsDB’s 10-year strategy (2026–2035), which seeks to create a transformative roadmap for addressing pressing development challenges in an evolving global landscape.

In his address, Mr. Edun urged the IsDB to prioritize high-impact projects in critical sectors such as infrastructure, agriculture, rail, and energy. He called for investments that guarantee strong returns, emphasizing their role in fostering sustainable financing for member countries.

“The IsDB must focus on transformative, high-impact projects that align with national priorities and deliver measurable results. These investments should not only advance development goals but also provide strong returns to ensure sustainability,” Edun stated.

Read Also: NERC completes transfer of regulatory oversight to four states

Highlighting the economic challenges faced by many member states, Edun advocated for innovative funding solutions tailored to each nation’s unique priorities and debt dynamics. He stressed the importance of concessional financing strategies that balance development needs with minimal debt accumulation.

“Innovative financing mechanisms are essential for achieving development goals without exacerbating debt burdens. We must strike a balance between ambitious development targets and prudent fiscal management,” he noted.

Responding to the IsDB’s call for input on its upcoming strategy, Edun underscored the need for robust monitoring systems to evaluate the real impact of the bank’s initiatives. He stressed that such systems are crucial for ensuring accountability and maximizing the developmental benefits of IsDB projects.

“Nigeria remains committed to strengthening the IsDB’s role as a catalyst for impactful development. Robust monitoring systems will help measure progress and ensure that our efforts yield tangible benefits for member states,” he added.

The retreat also featured remarks from Algeria’s Minister of Finance and Chairman of the Board of Governors, H.E. Laaziz Faid, and Saudi Arabia’s Finance Minister, H.E. Mohammed Al-Jadaan, who opened the discussions. Their contributions highlighted the collective commitment of member states to shaping a forward-looking strategy for the bank.