The Federal Government has reaffirmed its commitment to deepening strategic collaboration with the Islamic Development Bank Group (IsDB) as part of efforts to accelerate Nigeria’s journey toward a one trillion US dollar economy through large-scale infrastructure, human capital development, and private sector growth.
This position was highlighted on Monday March 30, 2026 in Lagos during the IsDB Group Day, which brought together entrepreneurs, policymakers, and development partners from across the country.
Speaking at the event, the Minister of Finance and Coordinating Minister of the Economy, Olawale Edun, emphasised that Nigeria’s development priorities are firmly anchored on education, skills acquisition, job creation, and critical infrastructure.
He noted that with Nigeria’s rapidly growing population, there is an urgent need to invest in both human capital and large-scale projects capable of delivering widespread economic impact.
According to Edun, ongoing and planned infrastructure initiatives including coastal and transnational super highways, rail networks, and port rehabilitation are designed to unlock productivity, enhance regional trade, and connect key economic zones across the country.
He stressed that such transformative projects require strong partnerships with global development institutions like the IsDB, whose financing instruments and technical expertise align with Nigeria’s national development plans and long-term economic frameworks.
The Minister further explained that Nigeria’s engagement with the IsDB is built on collaboration and shared priorities, noting that the institution, owned by 57 member countries, works closely with the government to support policies and programmes aimed at reducing poverty and improving citizens’ quality of life.
He also highlighted ongoing reforms such as the National Single Window trade platform, which is expected to simplify trade processes, improve efficiency, and boost Nigeria’s competitiveness in regional and global markets.
Earlier, the Head of IsDB delegation, Annse Aissam, reaffirmed the Bank’s commitment to Nigeria, describing the country as a key and strategically important member.
He explained that the IsDB is evolving beyond traditional project financing into a more integrated development partner leveraging trade finance, private sector investment, and risk mitigation tools to support sustainable economic growth.
According to him, the Bank’s interventions in Nigeria span critical sectors such as energy, transportation, healthcare, and education, with a focus on job creation, youth and women empowerment, and institutional strengthening.
“IsDB is a longstanding development partner established in 1975 and headquartered in Jeddah, Saudi Arabia, the Islamic Development Bank Group is a leading multilateral development finance institution with 57 member countries.
“The Bank was created to promote economic development and social progress in member nations in line with Islamic finance principles. Over the years, it has financed thousands of projects globally, covering infrastructure, agriculture, education, health, and private sector development.
“Through its specialized entities such as the International Islamic Trade Finance Corporation, Islamic Corporation for the Development of the Private Sector, and Islamic Corporation for the Insurance of Investment and Export Credit. The Group provides trade financing, supports private enterprises, and offers investment insurance to de-risk markets and attract global investors,” he stated.
He said in Nigeria, the IsDB has steadily expanded its footprint, supporting infrastructure and human capital development while promoting inclusive growth across sectors.
He added that the Lagos engagement signals a renewed alignment between the Federal Government and the IsDB, with both parties committed to scaling up investments, strengthening institutions, and fast-tracking projects that will drive sustainable growth and long-term economic prosperity for Nigeria.
