Nigeria has joined the EBRD as its 77th shareholder, expressing interest in becoming a recipient country. The EBRD has approved the expansion of its operations to sub-Saharan Africa and Iraq, facilitating Nigeria’s potential as an operation country. EBRD President and Nigeria’s Minister of Finance have both expressed positive sentiments regarding this partnership, aimed at fostering sustainable economic growth and development.
In a significant development, Nigeria has become the 77th shareholder of the European Bank for Reconstruction and Development (EBRD). The country expressed interest in becoming a recipient of EBRD support, positioning itself as a future beneficiary of the Bank’s financial and policy assistance. This move followed the EBRD’s 2023 decision to incrementally expand its operations to sub-Saharan Africa and Iraq, approved at the Annual Meeting in Samarkand.
Nigeria’s formal request to join the EBRD was submitted in April 2024, gaining approval from the Board of Governors the following month. The approved amendment to the Agreement Establishing the EBRD will allow the Bank to further Nigeria’s aspirations of becoming a country of operation. This transition promises to facilitate investment and policy development aimed at bolstering Nigeria’s economic growth.
EBRD President Odile Renaud-Basso welcomed Nigeria, stating, “I am very happy to welcome Nigeria, the most populous country in Africa, as a shareholder of the Bank. This is a landmark moment for the EBRD as we look forward to launching our activities in sub-Saharan Africa this year.”
Complementing this perspective, Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, articulated that Nigeria’s EBRD membership aligns with national goals of promoting private sector-led growth, sustainable infrastructure, and a greener economy. The EBRD currently comprises 75 national shareholders, along with the European Union and the European Investment Bank, and is focused on fostering political and economic transitions through investment and policy reform.
In conclusion, Nigeria’s accession as the 77th shareholder of the EBRD marks a pivotal step towards its economic development aspirations. With ongoing efforts to become a recipient country, Nigeria is set to enhance its collaboration with the EBRD. This partnership aligns with Nigeria’s strategic objectives for sustainable, private sector-led growth as the Bank expands its reach in sub-Saharan Africa.
Original Source: www.ebrd.com
