Nigeria Applies for $ 670 Million Interest-free Loan from Islamic Development Bank

The Minister of State for Finance, Dr. Yerima Ngama, has confirmed Nigeria’s application for a $ 670 million interest-free loan from the Islamic Development Bank (IDB).

The loan application which is currently being debated by the National Assembly will serve to assist Nigeria’s infrastructural development needs including areas such as roads, health, education, housing and security.

Ngama stated that IDB had been a great support for Nigeria’s development programmes.

He said, ““IDB has extended tremendous socio-economic development support to Nigeria. The areas, among others, include food security programme for three  states — Anambra, Yobe and Gombe — education and water projects in Kaduna State, and bilingual education programme for 10 states of the federation.

“The bank has also granted PhD and post doctoral research scholarship in science and technology to 13 Nigerians since 2008, as well as technical assistance to the Central Bank of Nigeria to develop the regulatory framework for establishing non-interest banking in the country. Various ministries, departments and agencies have also benefited from IDB-sponsored workshops, seminars and working tours.”

Dr. Ahmad Al-Madini, President of IDB, said the bank was ready to partner with both the public and private sector in order to foster formidable businesses.