President Muhammadu Buhari has expressed readiness to explore more ways of funding the upgrade of critical infrastructure in the country.
A statement signed by Buhari’s Media Aide, Garba Shehu, said that Buhari made this commitment during his meeting with U.S. Treasury Secretary, Steven Mnuchin, on Thursday.
Buhari held a meeting with Mnuchin, in Riyadh, Saudi Arabia, on the margins of the Future Investment Initiative Forum, to discuss investments in Nigeria under the new U.S. financing initiative.
The statement said that they had positive discussions on investments in Nigeria under the new US International Development Finance Corporation, USIDFC, which provides $60 billion for investments in developing nations.
Buhari said Nigeria will leverage on the U.S facility to address current challenges confronting her power sector as well as general upgrade of infrastructure.
The President and Mnuchin also discussed areas of strengthening Nigeria’s ongoing collaboration with the United States on stopping terrorist financing.
According to the statement, President Buhari vowed that Nigeria will leverage on the U.S facility (USIDFC) to address current challenges confronting the power sector as well as the general upgrade of infrastructure.
United States International Development Finance Corporation (USIDFC), provides $60 billion for investments in developing nations.
The Nigerian leader also requested the continued support of the U.S. to Nigeria, especially in accessing the $60 billion infrastructure fund under the USIDFC.
Mnuchin was accompanied by Brent Macintosh, Under Secretary of the Treasury for International Affairs and Marshall Billingslea, Assistant Secretary for Terrorist Financing in the United States Treasury Department.
The Treasury Secretary used the occasion to introduce Macintosh who was recently promoted to Under Secretary for International Affairs by President Trump after the previous Under Secretary, David Malpass, was elected President of the World Bank.
The Nigerian leader congratulated Macintosh on his elevation and requested for his continued support to Nigeria especially in accessing the $60 billion infrastructure fund under the USIDFC.