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Nigeria earned $296,143 in 2016

Mr. Salisu Na’Inna director of information in the federal ministry of finance said Nigeria earned $296,143 dividends from its investments in the Islamic Development Bank in 2016.

He said this on Sunday in a statement from Jedda, Saudi Arabia at the Bank’s 42nd annual meeting.

Na’Inna’s words: “Nigeria, the fourth largest shareholder in the 57-nation Islamic Development Bank Group (IsDBG), has been allocated the sum of US$296, 143 as dividend from the profit earned by the Islamic Corporation for the Development of the Private Sector (ICD) in 2016, but would be converted into shares.”

Nigeria is the fourth-largest equity subscriber to the IDB with 1,384m Islamic dinars (ID) – One ID = One SDR (Special Drawing Rights) of the International Monetary Fund (IMF), as at 2014.

“The country’s overall shareholding in the IsDB Group is 1.68 per cent, surpassed so far only by the shareholdings of Saudi Arabia, Kuwait, Libya and the Islamic Republic of Iran,” he said.

Nigerian’s delegation to the just concluded 42nd Annual meeting of the bank was said to have demanded more infrastructure projects in the country.
The delegation made the demand at a meeting with the IsDB Vice-President for Operations, Nigeria’s former Minister of Finance, Dr. Mansur Mukhtar.
Permanent Secretary in the Federal Ministry of Finance, Dr. Mahmoud Isa-Dutse, who led the Nigerian delegation, urged the bank to conclude preparations and commence the implementation of pending projects approved by the organization.

Mr. Na’Inna said further: “While expressing appreciation for the support and cooperation Nigeria is receiving from the Bank, the Permanent Secretary reminded the Bank of the request made by President Muhammadu Buhari in 2016 to harness efforts and resources for the reconstruction and recovery of the North East in collaboration with the World Bank and the African Development Bank.

“The Islamic Development Bank has provided loan facilities for a number of on-going projects in some states of the Federation, including the construction and equipping of four science secondary schools in Osun State and water supply projects in Zaria and Ilesha, among others.

“Nigeria and the Bank are negotiating financing for the construction of the Second Niger Bridge on the Private Public Partnership (PPP) model.
“The delegation sought the extension of intervention by the Bank to include financing for energy and road construction projects under its Private-Public Partnership scheme,”

Source: Agency report

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Solomon Obende
Solomon Obende is a graduate of Public Administration from the prestigious Ambrose Alli University who is passionate about communications for development. He is proficient in crafting effective social media strategies. He listens to Jimmy Cliff's songs daily.

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