Makkah, KSA, 26 February 2016 – H.E. President Muhammadu Buhari of Nigeria has welcomed a proposed partnership with IDB to mobilise and channel resources for the diversification of Nigerian economy. The Nigerian President stated this on Thursday when he received the President of IDB Group, Dr Ahmad Mohamed Ali, who paid him a courtesy visit at the Royal Guest House in Makkah.

Dr. Ahmad Ali told President Buhari that IDB is ready to work with the government of Nigeria in the areas of education, solar energy, and agriculture. Dr. Ali added that the bilingual education programme which IDB discussed during the visit of the representatives of Northern States Governors Forum (NSGF), is one of the solutions against the insurgency bedeviling the Northeastern part of Nigeria.

"IDB is willing to organize a program of support in partnership with Arab donors, especially Arab Coordination Group in order to diversify the Nigerian economy"

"The bilingual education programme is one of the easiest ways to make the children attending madrasas to participate in the economy" he added.

In his response, President Buhari stated that educational development is weaker in the northern part of Nigeria, but there is need to improve the state of education in the whole of Nigeria.

The Nigerian President further told the IDB President that there is need to improve facilities in Nigerian schools especially in science education and teacher training, therefore, he welcomes IDB's support in that regard.

President Buhari added that with the collapse in oil prices, and the attendant demise of the petroleum sector, Nigeria has to develop agriculture to establish food security, which will build confidence in the nation itself.

President Buhari told the president of IDB that Nigeria has a large absorptive capacity, and therefore any contribution by donors will be appreciated.

In his remarks, the IDB Vice President (operations), Dr. Mansur Muhtar, stated that IDB is ready to strengthen partnership with Nigeria and contribute towards its economic and social development.

Dr. Muhtar added that already there are ongoing projects in Nigeria being financed, and IDB is ready to strengthen its engagement with the country including through scaling up support.

He also told the Nigerian President that IDB through its private sector arm, is providing lines of credit and equity financing to support the growth of SMEs. In addition the bank’s trade financing facility has contributed over US $400 million to date in supporting trade in Nigeria, and these activities will be enhanced.