Business

Tinubu To International Development Financiers: Regard Africa As Destination For Growth and Prosperity

President Bola Tinubu has called on international development financiers to see Africa as a destination for growth and prosperity.

Speaking Thursday at the State House, Abuja, at a meeting with a delegation of the International Finance Corporation (IFC), a member of the World Bank Group, led by its Senegal-born Managing Director, Mr. Makhtar Diop, the President, according to a release issued by his Media Adviser, Ajuri Ngelale, urged global financiers to consider more strategic investments in agriculture, infrastructure, research, and development on the continent.

President Tinubu told the delegation: “The IFC and the World Bank need to see Africa differently. I am glad an African is at the helm of affairs at IFC, and as an African, understands that the potential for growth, peace, stability, and prosperity is here.

“The world has to see us as a continent that can help the rest of the world, and not perceive us as backwards, unstable, and with leadership problems.

“The expectations of the rest of the world on Africa have to change. By looking at Africa as a potential opportunity and not a danger to the rest of the free world, we can stimulate growth and propel inclusiveness.

“You are at the helm now and in a position to change the perception. We are ready to change the narrative and work with you. Africa is open for business, regardless of whatever the perception may be.

“I am an African and proud to be and will maintain the strong position to collaborate with the rest of the world to see Africa as a destination for growth and prosperity”.

Acknowledging that Nigeria holds the second-largest IFC portfolio in Africa with an active investment portfolio of $2.1 billion as of April 2024, President Tinubu highlighted the importance of some critical infrastructure projects embarked upon by his administration, such as the 700km Lagos-Calabar Coastal Highway and the Sokoto-Badagry Expressway.

According to him: “We have made various attempts in the past to create dams, but issues with reticulation and irrigation remain. When we consider the living conditions in rural areas where crops are produced, how much funding is allocated for rural roads to expedite transportation to consumer centres?

“The goal of the coastal road and the Sokoto-Badagry Highway is to address this”.

Earlier in his remarks, Diop informed the President that during his working visit to Nigeria, the IFC had engaged in productive discussions with Nigerian partners to enhance agriculture, increase food production through irrigation farming, upgrade transport networks, and bolster regional integration. 

Expressing IFC’s long-term commitment to growing agribusiness in Nigeria, he announced that IFC has signed a $23.3 million loan agreement with Johnvents Industries Limited, a leading agribusiness for economic development and agricultural transformation, to develop the cocoa sector.

“We are supporting small and medium enterprises in the agricultural sector, and they are doing very interesting things. We need to bring in more big players into food production in the country,” the IFC Managing Director said.

Diop said the Corporation is ready to partner the Nigerian government on new investments in irrigation, road infrastructure, and logistics around the airport under a Public Private Partnership.

He congratulated President Tinubu on his one year in office and commended his bold decisions to revamp Africa’s largest economy.

IFC boss pledged the Corporation’s firm commitment to long-term investment in Nigeria, adding that its single largest investment in Africa is in Nigeria, where it has invested $1.2 billion in the fertilizer industry.

“We are here to support you. The world has been facing a lot of shocks and difficult situations which have affected many African economies,” Diop said.

Deji Elumoye in Abuja

Follow us on:

AriseNews

Recent Posts

Air Peace Partners With Boeing, Cranfield University To Enhance Safety Culture, Operational Excellence

Air Peace is collaborating with Boeing and Cranfield University to drive aviation safety leadership, operational…

2 mins ago

Dangote, Nestle, NLNG Recognised for Impactful Investment in SDGs at 2024 NECA Awards

Dangote Industries Limited, Heirs Holdings, MTN Nigeria Plc, Nigeria Liquefied Natural Gas (NLNG), Tropical General…

10 mins ago

Tinubu Highlights Creative Economy as Key to Nigeria’s Economic Diversification

President Tinubu has highlighted creative economy as a key pillar of Nigeria’s economic diversification during…

36 mins ago

COP29 Sets $1.3trn Climate Finance Goal for Developing Countries by 2035

COP29 has set a historic $1.3trn climate finance goal by 2035, with a $300 billion…

37 mins ago

US Senator Threatens Sanctions on Nations Enforcing ICC Arrest Warrant Against Netanyahu

US Senator Lindsey Graham has warned UK, Canada and allies, of economic sanctions for enforcing…

39 mins ago

Dangote Refinery Secures Deal to Supply 28m Litres of Petrol Daily for Domestic Market

Oil marketers have secured a six-month deal with Dangote Refinery to supply 28m litres of…

41 mins ago