President Tinubu Advocates for Increased Investment in Africa at Int’l Development Financiers Meeting

By Ajibola Olaide, JKNMedia Reporter

PRESIDENT BOLA Tinubu has called on international development financiers to view Africa as a prime destination for growth and prosperity.

Speaking at a high-profile meeting on Thursday, President Tinubu emphasized the continent’s potential, highlighting ongoing and future infrastructural and agricultural projects in Nigeria as key areas for investment.

On infrastructure developments, Nigeria’s President outlined ambitious infrastructural projects, including the Lagos-Calabar Coastal Highway and the Sokoto-Badagry Expressway.

He said these projects aim to improve transportation links, particularly in rural areas where agriculture is predominant. “We have made various attempts in the past to create dams, but issues with reticulation and irrigation remain,” the President noted, stressing the need for better funding and infrastructure to support rural economies.

The President’s speech also focused on enhancing agricultural initiatives and productivity as he discussed the necessity of modernizing irrigation systems and upgrading transport networks to facilitate the movement of goods from farms to markets.

Managing Director of the International Finance Corporation (IFC), Mr. Makhtar Diop, in response to President Tinubu’s appeal, announced several key investments and partnerships aimed at bolstering Nigeria’s economy.

He noted that the IFC has pledged long-term investment, including a $1.2 billion injection into Nigeria’s fertilizer industry, marking its largest investment in Africa to date.

Additionally, he mentioned another $23.3 million loan agreement with Johnvents Industries Limited which has been secured to develop the cocoa sector, reflecting the IFC’s commitment to advancing agribusiness in Nigeria.

Mr. Diop also emphasized the importance of supporting small and medium enterprises (SMEs) in the agricultural sector, which he described as engaging in “very interesting things.”

He underscored the need for these enterprises to become major players in food production and furthermore highlighted the IFC’s readiness to partner with the Nigerian government on new investments in irrigation, road infrastructure, and logistics around the airport through public-private partnerships.

While congratulating President Tinubu on his one year in office, Mr. Diop commended his decisive actions to rejuvenate Africa’s largest economy and reiterated the IFC’s support for Nigeria and other African nations, acknowledging the economic challenges they face and the corporation’s commitment to helping them navigate these difficulties.

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