ISLAMIC BANK APPROVES OVER N700 BILLION LOAN FOR NIGERIA, SEARCH FOR LAND TO BUILD HEADQUARTER IN THE COUNTRY 

Islamic bank has accepted to bring over N700 billion into Nigeria.

The Federal government of Nigeria will be getting $1.8 billion(N786.60bn) from the Islamic Development Bank. 

There is, however, a very important request the management of Islamic bank is hoping FG will help fulfil.

This was disclosed by the President of the Saudi-based bank, Dr Mohamed Jasser, at a meeting with the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, in Abuja on Monday.

According to the bank's president, the money will be used to execute projects across the country. 

He said, “The Islamic Development Bank has approved a total financing of $1.8bn for Nigeria. 

“This includes $971m in project financing and $288m provided by our private sector affiliate and $477m in trade operation by our trade arm, International Islamic Trade Finance Corporation, and $90m by other Islamic Development Bank Group funds and operations.”

“The Islamic Development Bank will support Nigeria’s recovery from COVID-19, including providing the necessary support to the private sector to create jobs and revive economic growth," Jasser added.