Islamic Development Bank Identifies Key Investment Priorities in Nigeria
Bank Outlines Strategic Sectors for Economic Growth
The Islamic Development Bank (IsDB) has identified key priority sectors for investment in Nigeria, aligning with the federal government’s economic development agenda. The announcement was made during a high-level meeting between IsDB officials and Vice President Kashim Shettima at the Presidential Villa in Abuja.
Priority Investment Areas
Hammad Hundal, Head of IsDB Regional Hub, revealed the bank’s focus areas include:
- Economic infrastructure development
- Private sector support
- Energy security initiatives
Enhanced Country Engagement Framework
The bank is scaling up its interventions through a comprehensive review of its Country Engagement Framework (CEF) for Nigeria. Obioma Asuzu, IsDB Country Economist, presented the CEF which focuses on:
- Economic recovery and poverty reduction
- Building national resilience
- Promoting green economic growth
Vice President Shettima Highlights Investment Opportunities
Vice President Kashim Shettima emphasized that Nigeria currently presents prime investment opportunities, citing the Tinubu administration’s reforms that have addressed previous investment barriers.
“It is an exciting opportunity to invest in Nigeria. The administration of President Bola Ahmed Tinubu has created the enabling environment and is still doing so by addressing most of the grey areas that hitherto served as a disincentive,” Shettima stated.
Government’s Development Focus
The Vice President outlined the administration’s commitment to:
- Human capital development
- Nutrition and agricultural improvements
- Healthcare and education infrastructure
- Digital trade promotion
Call for Continued Partnership
Shettima urged IsDB to maintain its support for key government programs including:
- Special Agro-Processing Zones (SAPZ)
- i-DICE project
- Development of Halal economy
The Vice President emphasized the need for closer collaboration to address Nigeria’s development challenges, particularly in agriculture, gender inclusion, and infrastructure development.