Islamic Development Bank has approved $450 million in funding to raise Nigeria’s electricity capacity to 20,000 megawatts, according to a report in TheGuardian.
Vice President Nnamadi Sambo recently met bank President Ahmed Mohammed Ali in Mecca, Saudi Arabia.
Sambo has a shopping list with the bank that includes funding for the construction of a proposed road linking Lagos to Abidjan in Ivory Coast, and funds to support the Nigerian private sector, especially education, aviation and agriculture.
The bank has endorsed three of five projects submitted by Nigeria, including construction of four new science secondary schools in Kaduna State worth $17.9 million and a 300-bed specialist hospital in Kaduna State costing $43.15 million.
Other projects funded by the bank include the Zaria water supply project worth $81 million; the Jigawa State Rural Development project valued at $32. 4 million; and the bilingual education program for Borno, Gombe and Niger states, worth $30.5million.
The bank was also involved in the construction of a trans-Saharan highway that will connect to several countries including Chad, Niger, Algeria, Tunisia and Nigeria, with a view to enhancing intra-Africa travel and trade with Europe.
The bank is concluding arrangements for $150 million in funding for a Lekki seaport project in Lagos State.