Nigeria has officially joined the European Bank for Reconstruction and Development (EBRD) as its 77th shareholder, marking a significant milestone in the country’s engagement with international financial institutions. This development follows Nigeria’s request to join the Bank in April 2024, which was approved by the Board of Governors in May of the same year.
The EBRD’s decision to expand its scope to include sub-Saharan Africa and Iraq paved the way for Nigeria’s membership. At the Bank’s 2023 Annual Meeting in Samarkand, the Board of Governors approved an amendment to its establishing agreement, allowing for a limited and incremental extension of its operations to the region [3).
According to the EBRD statement, “Nigeria has joined the European Bank for Reconstruction and Development, becoming its 77th shareholder… Once the amendment is in force, which requires formal acceptance by the majority of the EBRD’s shareholders, the Bank will be able to take forward Nigeria’s request to become a country of operation.”
EBRD President Odile Renaud-Basso welcomed Nigeria’s inclusion, saying, “I am very happy to welcome Nigeria, the most populous country in Africa, as a shareholder of the Bank… With such large economic potential in the country, our objective will be to leverage our expertise in developing the private sector and conducting policy dialogue to support sustainable economic growth in Nigeria
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, emphasized that Nigeria’s membership aligns with the government’s economic reform agenda and commitment to sustainable development. “Nigeria’s membership in the EBRD strengthens our drive for private sector-led growth, sustainable infrastructure, and a greener economy.”
The EBRD supports economies in transition through investment, policy reform, and advisory work. With Nigeria’s prospective status as a recipient country, it would be positioned to access EBRD financing and expertise in fostering private sector development and economic growth.
“This partnership aligns with our economic reform agenda and commitment to creating jobs through investment and innovation,” said Minister Edun.
The EBRD’s President, Odile Renaud-Basso, highlighted the significance of Nigeria’s membership, stating, “This is a landmark moment for the EBRD as we look forward to launching our activities in sub-Saharan Africa this year.”
She emphasized the EBRD’s objective to leverage its expertise in developing the private sector and conducting policy dialogue to support sustainable economic growth in Nigeria.
As Nigeria prepares to become a recipient country, it is expected to benefit from the EBRD’s finance and policy support. The EBRD’s investment will focus on supporting the private sector, promoting sustainable infrastructure development, and fostering a greener economy.
Minister Edun expressed optimism about the partnership, saying, “Nigeria’s membership of the EBRD will strengthen our drive for private sector-led growth, sustainable infrastructure, and a greener economy.”
The EBRD’s membership now stands at 77 countries, with the European Union and the European Investment Bank also being shareholders. The bank’s focus on supporting economies in transition is expected to benefit Nigeria’s economic development agenda.
Please don’t forget to “Allow the notification” so you will be the first to get our gist when we publish it.
Drop your comment in the section below, and don’t forget to share the post.
Keep up with the latest news and be part of our weekly giveaways and airtime…
Keep up with the latest news and be part of our weekly giveaways and airtime…
Keep up with the latest news and be part of our weekly giveaways and airtime…
Keep up with the latest news and be part of our weekly giveaways and airtime…
Keep up with the latest news and be part of our weekly giveaways and airtime…
Keep up with the latest news and be part of our weekly giveaways and airtime…