Vice President Kashim Shettima has called on the Islamic Development Bank (IsDB) to increase its investment in Nigeria, saying the Tinubu administration has addressed several issues that previously discouraged foreign investment.
Speaking during a courtesy visit by a delegation from the IsDB led by Hammad Hundal, Head of the Bank’s Regional Hub, Shettima said the country is undergoing transformative reforms that are creating a conducive business environment.
“This is a great time to invest in Nigeria,” Shettima said at the State House in Abuja on Monday. “The administration of President Bola Ahmed Tinubu has created the enabling environment by addressing most of the grey areas that hitherto served as a disincentive.”
Strategic Focus Areas
Shettima highlighted the administration’s efforts in human capital development, agriculture, healthcare, education, and digital trade, all part of its Renewed Hope Agenda.
“We are committed to tackling the challenges in key areas like financial inclusion, infrastructure, nutrition, and more,” he emphasized. “We have no option but to act decisively, and we are doing just that.”
He commended the IsDB for its longstanding support to Nigeria, referencing its involvement in initiatives like the Special Agro-Processing Zones (SAPZ), the i-DICE project, and efforts to develop a Halal economy.
“Let’s cross-pollinate ideas and design your Country Engagement Framework (CEF) with emphasis on the Halal economy, digital trade, financial inclusion, and more,” Shettima added.
IsDB’s Commitment To Nigeria
Earlier, Hundal reaffirmed the Bank’s commitment to strengthening its development partnership with Nigeria. He said the IsDB is conducting a comprehensive review of its Country Engagement Framework to better align with Nigeria’s current priorities under President Tinubu.
“We are scaling up our interventions to focus on key sectors like economic infrastructure, private sector development, energy security, and the i-DICE initiative,” Hundal said.
Country Engagement Framework (CEF)
The IsDB’s Country Economist, Dr. Obioma Asuzu, also presented the updated CEF, which outlines strategic priorities including:
- Boosting economic recovery
- Tackling poverty
- Building resilience
- Driving green growth
She emphasized that the CEF is anchored on Nigeria’s national development goals, stakeholder partnerships, and innovative resource mobilisation.
