, Nigeria gets $1.8bn from Islamic bank, search for land to Build Headquarters in the Country begins -

Nigeria gets $1.8bn from Islamic bank, search for land to Build Headquarters in the Country begins

Nigeria will be getting a 1.8 billion dollar from Islamic banking for infrastructure development across the country.

Islamic bank has also revealed plans to build a bigger headquarters in Nigeria and wants federal government help.

The Islamic Development Bank has 57 shareholding member states, with Nigeria holding a 8.75 per cent equity.

The Federal government of Nigeria will be getting $1.8 billion(N786.60bn) from the Islamic Development Bank.

This was disclosed by the President of the Saudi-based bank, Dr Mohamed Jasser, at a meeting with the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, in Abuja on Monday

According to the bank’s president, the money will be used to execute projects across the country.

According to the Newscrescent, Jasser also revealed that the Islamic Development Bank’s portfolio in Nigeria stood at $1.2 billion, with the bank having completed 35% of those projects and looking forward to strengthening bilateral and regional initiatives with Nigeria.

He cited two key projects – Special Agro-Industrial Processing Zones Program and the Nigeria-Morocco gas pipeline – noting that the bank was aware of Nigeria’s potential and opportunities for the private sector.

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