Posted by BERNAMA on
Oil-rich Nigeria has been admitted as the 56th member of the Islamic Development Bank (IDB) at the 30th Board of Governors annual meeting here Thursday.
PUTRAJAYA, June 23 (Bernama) -- Oil-rich Nigeria has been admitted as the 56th member of the Islamic Development Bank (IDB) at the 30th Board of Governors annual meeting here Thursday.
In welcoming the western African state, IDB President Dr Ahmed Mohamed Ali said the bank would dispatch a high-ranking mission to draw a joint plan of action with the country's authorities.
This is aimed at consolidating economic development and social progress in the African country and reinforcing its relationship with the other 55 member countries.
Nigeria is represented at the IDB meeting by its Minister of State for Finance, Mrs Nenadi E. Usman.
Bordering the Gulf of Guinea between Benin and Cameroon, Nigeria's population of 128.7 million is 50 percent Muslim, Christians 40 percent and indigenous beliefs 10 percent.
Its economy is dependent on the oil sector which contributes 20 percent to its Gross Domestic Product (GDP).
Nigeria pulled out of its International Monetary Fund (IMF) programme in April 2002 after failing to meet spending and exchange rate targets making it ineligible for additional debt forgiveness from the Paris Club of rich nations.
It had received a debt restructuring deal from the Paris Club and a US$1 billion credit from IMF, both contingent on economic reforms.
--