IDB to finance Lekki Sea Port project with $150m


Islamic Development Bank has almost concluded arrangements to finance the Lekki seaport project in Lagos State with 150 million dollars.

It was one of the projects the Saudi Arabia based bank is financing in Nigeria.

Vice-President Namadi Sambo, who is Saudi Arabia for the lesser Hajj said that Nigeria needs about 450 million dollars from the IDB to expand its electricity generation capacity to reach 20,000 megawatts.

A statement issued in Abuja by Malam Umar Sani, the Senior Special Assistant to the Vice-President on Media, said that Sambo said this on Sunday when he received the President of the IDB, Dr Ahmed Mohammed Ali, in Makkah.

Sambo expressed appreciation for the continued support of the IDB to Nigeria.

He stated that all the approvals granted by the bank over the years had been ratified by the National Assembly and the Federal Executive Council (FEC).

The vice-president urged the bank to consider the construction of a road linking Lagos to Abidjan in Cote d’Ivoire.

He also requested bank to extend its support to the Nigerian private sector, particularly in the areas of education, aviation and agriculture.

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Sambo called on the bank to partner with states in executing Public-Private Partnership (PPP) projects in some priority projects.

Responding, the IDB chief said that he wanted to use Sambo’s visit as a platform to boost Nigeria-IDB cooperation.

Ali disclosed that the bank had approved three out of the five projects submitted by Nigeria.

“They include construction of four new science secondary schools in Kaduna State, worth 17.9 million dollars; construction of 300-bed specialist hospital in Kaduna State at 43.15 million dollars; and the Zaria water supply project worth 81 million dollars,” he said.

Ali said that the Jigawa State Rural Development project put at 32. 4 million dollars and the bilingual education programme for Borno, Gombe and Niger states, worth 30.5million dollars, were also under consideration.

He said that the bank was currently working on the construction of a trans-Saharan road that would connect several countries including Chad, Niger, Algeria, Tunisia and Nigeria.

According to him, the project will provide a platform for road travels between Africa and Europe.

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