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FG receives N90 million dividends from Investments in IDB

The country’s equity share in the Islamic Development Bank is 1,384 million Islamic dinars (ID).

Nigeria's Acting President Yemi Osinbajo speaks at a Dialogue meeting in Abuja, Nigeria.

The information was contained in the statement signed by the Director of Information of the Federal Ministry of Finance, Mr Salisu Na’Inna from Jeddah, Saudi Arabia on May 21, 2017.

Nigeria was noted as the fourth largest shareholders of the development bank.

“Nigeria, the fourth largest shareholder in the 57-nation Islamic Development Bank Group (IsDBG), has been allocated the sum of US$296,143 as dividends from the profit earned by the Islamic Corporation for the Development of the Private Sector (ICD) in 2016, but would be converted into shares.”

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The country’s equity share in the Islamic Development Bank is 1,384 million Islamic dinars (ID) – One ID = One SDR (Special Drawing Rights) of the International Monetary Fund (IMF), as at 2014.

“The country’s overall shareholding in the IsDB Group is 1.68 percent, surpassed so far only by the shareholdings of Saudi Arabia, Kuwait, Libya and the Islamic Republic of Iran,” Mr Na’Inna said.

Nigerian delegation to the 42nd Annual meeting of the bank made a strong case for the bank to increase its provision for infrastructural funding in Nigeria.

“While expressing appreciation for the support and cooperation Nigeria is receiving from the Bank, the Permanent Secretary reminded the Bank of the request made by President Muhammadu Buhari in 2016 to harness efforts and resources for the reconstruction and recovery of the North East in collaboration with the World Bank and the African Development Bank.

“The Islamic Development Bank has provided loan facilities for a number of on-going projects in some states of the Federation, including the construction and equipping of four science secondary schools in Osun State and water supply projects in Zaria and Ilesha, among others. “Nigeria and the Bank are negotiating financing for the construction of the Second Niger Bridge on the Private Public Partnership (PPP) model.

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“The delegation sought the extension of intervention by the Bank to include financing for energy and road construction projects under its Private-Public Partnership scheme,” Mr Na’Inna further stated.

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