Nigeria has officially joined the European Bank for Reconstruction and Development (EBRD) as its 77th shareholder, marking a major step in the country’s economic engagement with global financial institutions.
The country submitted its application in April 2024, which was approved by the EBRD’s Board of Governors in May. This follows a decision made at the bank’s 2023 Annual Meeting in Samarkand, where an amendment was passed to allow the gradual expansion of EBRD’s operations into sub-Saharan Africa and Iraq, pending formal ratification by its shareholders.
Once the amendment takes effect, Nigeria could transition to recipient country status, granting it access to EBRD’s financial resources and policy support to boost sustainable development.
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, welcomed the membership, emphasizing its role in fostering private sector growth, sustainable infrastructure, and a greener economy. He noted that the partnership aligns with Nigeria’s economic reform agenda and job creation efforts through investment and innovation.
EBRD President Odile Renaud-Basso described Nigeria’s membership as a historic milestone, expressing enthusiasm for the bank’s expansion into sub-Saharan Africa. She highlighted Nigeria’s economic potential and reiterated EBRD’s commitment to supporting private sector development and sustainable economic growth in the country.
With Nigeria’s inclusion, the EBRD now has 77 shareholders, including 75 national shareholders, the European Union, and the European Investment Bank.