Islamic Development Bank and Nigeria strengthen partnership for 2026-2028 priorities
The Islamic Development Bank and Nigeria held talks to boost cooperation on infrastructure and economic development for 2026-2028.
Key Takeaways
AIPresident of the Islamic Development Bank Group, Mohammed Al-Jasser, held a bilateral meeting with Nigeria’s Minister of Finance, Coordinating Minister of the Economy, and IsDB Governor, Taiwo Oyedele, on the sidelines of the World Bank Group and International Monetary Fund annual meetings in Bangkok.
The discussions focused on deepening the partnership between Nigeria and the Islamic Development Bank Group, particularly under the Country Engagement Strategy for 2026-2028, and supporting Nigeria’s development priorities such as infrastructure development, private sector growth, Islamic finance, and economic diversification.
Al-Jasser expressed appreciation for the support provided by the Nigerian federal government to the Group, commending Nigeria’s efforts to diversify its economy and enhance competitiveness. He reaffirmed the Group’s commitment to supporting Nigeria’s development agenda through its affiliated institutions, including the Islamic Corporation for the Development of the Private Sector, the International Islamic Trade Finance Corporation, the Islamic Corporation for the Insurance of Investment and Export Credit, and the IsDB Institute.
Wide-ranging development projects
The two sides reviewed the Islamic Development Bank Group’s growing portfolio in Nigeria and discussed progress in implementing the Country Engagement Strategy, which aims to accelerate economic transformation through infrastructure development, human capital growth, private sector expansion, and the scaling up of Islamic finance and the halal economy.
The meeting highlighted the approval of six projects covering agriculture, renewable energy, health, infrastructure, and climate resilience. These projects are expected to contribute to sustainable growth, strengthen economic resilience, and improve livelihoods across Nigeria, building on momentum from the recent "IsDB Group Day" in Lagos.
The discussions reaffirmed the commitment of both Nigeria and the Islamic Development Bank Group to implementing impactful development programs aligned with the country’s long-term goals and the 2050 Agenda.