Nigeria’s Minister of Finance, Wale Edun, has urged the Islamic Development Bank (IsDB) to improve investment and innovations in energy, infrastructure, agriculture and railway development in the world.
According to a statement posted on the X page of the Presidency, Edun made the call at the IsDB’s Governors’ Retreat in Al-Madinah, Saudi Arabia.
The retreat is reported to focus on shaping the IsDB’s 10-year strategy (2026–2035) to address global development challenges.
Edun advocated for development with minimal debt and sustainability.
The statement read: “The Honourable Minister of Finance, Mr. Wale Edun, advocated for innovative financing and bold reforms at the Islamic Development Bank (IsDB) Governors’ Retreat in Al-Madinah, Saudi Arabia. Emphasizing transformative, high-impact investments in infrastructure, agriculture, rail, and energy,
“Edun called for strategies that balance development with minimal debt. He also urged the IsDB to rethink its financing approach and adopt robust monitoring systems to ensure sustainable impact.
The retreat focused on shaping the IsDB’s 10-year strategy (2026–2035) to address global development challenges. Edun’s contributions highlighted Nigeria’s commitment to fostering sustainable growth and enhancing the bank’s role in member states’ progress.”
Tinubu attends Abu Dhabi Sustainability Week
In a related development, President Bola Tinubu alongside other delegates from Nigeria, is currently participating in the Abu Dhabi Sustainability Week (ADSW) in Saudi Arabia.
- Abu Dhabi Sustainability Week (ADSW) is a global platform supported by the United Arab Emirates and its clean energy leader, Masdar, to address the world’s most pressing sustainability challenges through crucial conversations accelerating responsible development and fostering inclusive economic, social, and environmental progress.
- The ADSW annually convenes decision-makers from governments, the private sector, and civil society to advance the global sustainability agenda through dialogue, cross-sector collaboration, and impactful solutions.
According to the programme’s official website, the ADSW also “amplifies the UAE’s Net Zero 2050 Strategic Initiative and supports the goals of both the Paris Agreement and the UAE Consensus reached COP28. Events and initiatives are guided by ADSW’s strategic pillars.”
The pillars include: Sustainable Economic Development, Just Energy Systems Transformation, Innovation and Tech, and Financing for Scale.
What you should know
Last year, Nairametrics reported that President Tinubu negotiated for a multi-billion-dollar finance facility from the Islamic Development Bank (IDB) to address infrastructure deficit across the country.
During the negotiation meeting, the Vice-President (Country Programs) of the IDB, Dr Mansur Muhtar, pledged that the IsDB was ready to support big investments in Nigeria. “We agree that if Nigeria succeeds, Africa will succeed. And the world needs Africa to succeed,” he added.
It was also reported that the IsDB earmarked $125 million to the Abia State government to facilitate the Integrated Infrastructure Development Project.