Islamic Development Bank Begins Operation in Nigeria Today


Islamic Development Bank Begins Operation in Nigeria Today-

The President of the Islamic Development Bank (IsDB) Dr. Ahmad Mohamed Ali alongside Nigeria’s Minister of Finance, Mrs. Kemi Adeosun will formally inaugurate the Country Gateway Office (CGO) of IsDB in Abuja today.

According  to Mr.  Abdullah Kiliaki, the Director of the CGO, said the ceremony will take place at the CGO premises, Central Business District (CBD), Abuja.  The president of the IDB has since arrived for the event.

“One of the goals of IsDB’s 10 year strategy is to increase its operations in its member countries. The inauguration of the CGO is an important milestone in forging stronger partnership with the government and people of Nigeria,” the statement quoted the president of the IsDB Group as saying.

He also said the IsDBank has approved several projects for Nigeria, such as the National Food Security Programme for Anambra, Gombe and Yobe States, as well as the Illesha Water Supply and Sanitation Project in Osun State. IsDB has also approved the Bilingual Education Programme which will benefit nine states; Adamawa, Borno, Kaduna, Kano,  Gombe, Niger, Nasarawa, Osun, Kwara and Borno States.

He added that Nigeria is one of the major shareholders of the bank, having formally joined in 2005, during President Olusegun Obasanjo’s administration. The Nigerian government paid the sum of $3.4 million to the bank as its initial membership subscription, according to then Finance Minister, Dr Ngozi Okonjo-Iweala.

The IDB is an international financial institution established in pursuance of the Declaration of Intent issued by the Conference of Finance Ministers of Muslim Countries held in Jeddah in Dhul Q’adah 1393H, corresponding to December 1973.  The present membership of the bank consists of 56 countries.