From Victor Osula, Abuja
Nigeria has officially joined the European Bank for Reconstruction and Development becoming its 77th shareholder.
The EBRD’s board of governors had approved Nigeria’s and Kenya’s applications for membership on May 23, 2024, following the earlier admission of Benin and Côte d’Ivoire in December 2023.
Announcing Nigeria’s membership on Tuesday, EBRD President, Ms. Odile Renaud-Basso, described it as a “landmark moment” for the bank, especially as it prepares to expand its activities into sub-Saharan Africa this year.
“I am very happy to welcome Nigeria, the most populous country in Africa, as a shareholder of the Bank. With such vast economic potential, our objective will be to leverage our expertise in private sector development and policy dialogue to support sustainable economic growth in Nigeria,”* she said.
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, also hailed the development, stating that the country’s membership aligns with its economic reform agenda.
“Nigeria’s membership of the EBRD strengthens our drive for private sector-led growth, sustainable infrastructure, and a greener economy. This partnership reflects our commitment to creating jobs through investment and innovation,” he said.
Meanwhile, Nigeria has expressed interest in applying for recipient country status, which would allow it to benefit from the bank’s financing and policy support.
However, this status requires an amendment to the EBRD’s charter, which must be formally accepted by a majority of its shareholders before Nigeria’s request can be considered.
Established in April 1991, the EBRD was created to “foster the transition towards open, market-oriented economies and promote private and entrepreneurial initiatives.”
The bank combines investment, advisory work, and policy reforms to support economies in transition.
So far, the EBRD has invested €210 billion in over 7,300 projects across three continents. While its current priority remains supporting Ukraine, the bank is also focused on helping all its economies become greener, more inclusive, and more digital.
