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NWDC Secures 100% Financing Pledges After Russia Trip – MD
The North-West Development Commission (NWDC) says it has secured commitments for 100 percent financing for some of its projects following a recent investment drive to the Russian Federation.
The Managing Director/Chief Executive Officer of the Commission, Professor Shehu Abdullahi Ma’aji, during a meeting with the House of Representatives Committee on Northwest Development Commission.
Ma’aji said the collaborative visit to Russia, including the Republic of Mordovia, opened investment prospects in security and defence, education and scholarships, modern mining technology, railway development, agriculture and agro-industry, ICT, renewable energy, biomedicine, medical equipment and the halal economy.
He told the committee chaired by Rt. Hon. Sulaiman Abubakar Gumi that the engagement has already yielded Letters of Intent from foreign investors for several projects.
“The engagement has yielded commitments for 100% financing for some identified initiatives and Letters of Intent from investors for other projects,” Ma’aji said.
He assured the lawmakers that Management will ensure proper due diligence, clear implementation frameworks and effective monitoring, guided by value for money and the long-term interest of the region.
Ma’aji, who thanked the House Committee for its oversight and legislative support, said the Commission has now built a strong institutional foundation after initial take-off challenges that slowed budget implementation over the past one and a half years.
He said Management is now poised to accelerate implementation and will extend its initial complementary interventions in the security sector to healthcare, education, agriculture, infrastructure, human capital development and economic empowerment.
In his remarks, the Chairman of the Committee, Rt. Hon. Gumi, commended the Ma’aji-led Management for coming up with laudable initiatives to catalyze rapid development of the region.
He acknowledged the delay in the commencement of operations and the slow pace of budget implementation, attributing it to challenges associated with establishing a new institution, but stressed that the urgent developmental needs of the North-West demand renewed commitment.
Gumi pledged the committee’s continued support for the Commission in implementing its mandate and in amending its Establishment Act.
The meeting was convened to assess the Commission’s progress, address operational challenges, and deliberate on the resolutions of the North-West Development Stakeholders’ Summit held in Kaduna and budget implementation.
Ma’aji reiterated that the Commission welcomes the National Assembly’s oversight as a mechanism to strengthen its capacity to deliver.
“We will provide a clear account of our financial and operational position and accelerate implementation to produce measurable results,” he pledged.
The meeting was confirmed in a press statement signed by the Head, Press and Public Relations of the Commission, Abdulrashid Y. Safana, on Tuesday.
