I inherited serious liabilities from my predecessors – Tinubu
President Bola Tinubu has disclosed he “inherited liabilities” from the past governments during a meeting with the vice president of the Islamic Development Bank, Dr. Mansur Muhtar, in Saudi Arabia, on Tuesday.
President Tinubu sought financial help from the bank to build infrastructure in power, port, and for agro-allied activities. He also said that Nigeria’s infrastructure needs offer “unrivalled opportunity for savvy investors.”
“We inherited serious liabilities, but also assets from our predecessors. We do not make any excuses,” he said.
“Nigeria is the candle of hope that will light the way for Africa. Investments in Nigeria will be among the world’s most high-yielding. Investor money will flow easily in and out of our country. Processes will be seamless. And your bank has always been a faithful partner in progress.
“You have partnered with us before. We want to scale it up now and do much more with greater ambition and clear vision,” the President stated.
The Presidency said Dr. Muhtar responded by acknowledging Tinubu-led administration’s challenges.
“We are ready to work with you. We are ready to support big investments in Nigeria. We agree that if Nigeria succeeds, Africa succeeds. And the world needs Africa to succeed.
“The Islamic Development Bank President announced the provision of $50 billion U.S. Dollars of new investment for the African continent from the Arab Coordination Group (ACG). This was announced at the Saudi-Arab-African Economic Summit. As the largest market and the largest economy in Africa, Nigeria will certainly receive a significant share. We look forward to supporting Nigeria’s economic transformation,” the Islamic Development Bank Vice-President reportedly said.
