Nigeria’s President Bola Tinubu met with Islamic Development Bank’s (IsDB) Vice President Mansur Muhtar in Saudi Arabia to discuss a multi-billion-dollar infrastructure funding, his office said.

Inadequate ports, highways, oil pipelines, and electrical networks have held back economic growth in the African continent’s largest economy and top oil producer.   

Tinubu’s office did not specify how much money the IsDB would provide.

At the meeting with Muhtar in Mecca, Tinubu said his administration, which took office in May, inherited infrastructural liabilities that could be turned into viable opportunities for investors.

The IsDB was an important partner for Nigeria in the projects, he said.

“We have serious deficits in port infrastructure, power infrastructure, and agro-allied facilities that will enable sustainable food security in our country,” he said in a statement from his office.

“These deficits present unrivalled opportunities for savvy investors.”

IsDB’s Muhtar said the bank was ready to invest in Nigeria, according to a statement.

“It is to your credit that you have taken very bold steps without delay,” he said. “We are ready to work with you. We are ready to support big investments in Nigeria.”

Tinubu has implemented changes since assuming office, including lifting of foreign exchange restrictions to facilitate the flow of foreign funds for investors.

The president has also removed a fuel subsidy that he said was a drain on the government’s coffers and was using finances that could be spent on education, hospitals, and roads.

(Editing by Bindu Rai)