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Ndubuisi Francis in Abuja

Nigeria and Islamic Development Bank (IsDB) yesterday moved to deepen ties through a bilateral meeting on the side-lines of the ongoing IMF/World Bank Annual Meetings in Washington D.C, United States of America.

The meeting aimed to further strengthen collaboration in various areas capable of yielding tangible benefits for the Nigerian economy, including Sharia-compliant financing and innovative financial instruments.

Nigeria’s delegation at the bilateral meeting was led by Minister of State, Finance, Dr. Doris Uzoka-Anite.

The Federal Ministry of Finance said, in a statement issued by Director, Information and Public Relations, Mohammed Manga, that the strategic engagement underscored Nigeria’s commitment to driving economic growth and development, particularly under the Renewed Hope Agenda of the President Bola Tinubu administration.

The statement said, “The meeting, which was attended by a high-level delegation from the IsDB, provided an opportunity to discuss various areas of mutual interests and explore avenues for advancing ongoing cooperation between Nigeria and the IsDB.

“Discussions focused on identifying more areas of collaboration that would yield tangible benefits for the Nigerian economy, including Sukuk financing, Sharia-compliant financing, and innovative financial instruments.”

Manga said, “The dialogue was built on existing collaborations between Nigeria and IsDB, including initiatives in agricultural development, renewable energy, infrastructure development, education, and healthcare.

“The two parties also looked at  opportunities for exploring cooperation in special agro-industrial processing zones and halal economy development. This partnership is expected to create jobs, stimulate economic growth, reduce poverty, and improve the overall well-being of Nigerians.”

The statement quoted Uzoka-Anite as saying, “This meeting underscores the strong bond between Nigeria and the IsDB. Under the Renewed Hope Agenda, President Bola Ahmed Tinubu’s administration remains committed to repositioning our economy and driving infrastructure development.

“We appreciate IsDB’s support and look forward to leveraging their expertise to accelerate our economic growth and development initiatives.”

Meanwhile, Uzoka-Anite and Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, were part of the Nigerian delegation at the G24 meetings, equally, on the side-lines of the IMF/World Bank Annual Meetings.

The meetings provided a platform for discussions on key themes, such as domestic resource mobilisation, inflation, and sound macroeconomic policies.

During the meetings, Cardoso disclosed that Nigeria’s trade surplus had risen to six per cent of the country’s Gross Domestic Product (GDP) and was expected to remain at that level in the near term.

He attributed the improved balance of trade to sound macroeconomic policies, which were beginning to yield positive results.

Cardoso also highlighted the importance of maintaining sound macroeconomic policies, acknowledging a strong correlation between disciplined economic management, growth, and disinflation.

He further disclosed that the apex bank was working on a framework to make currency swaps with other countries a win-win affair.