Nigeria has joined the EBRD as its 77th shareholder, seeking to become a recipient country following the EBRD’s expansion into sub-Saharan Africa. The move, approved in May 2024, aims to enhance private sector growth and sustainable infrastructure in Nigeria. EBRD leadership has expressed optimism about leveraging the country’s economic potential.
Nigeria has officially become the 77th shareholder in the European Bank for Reconstruction and Development (EBRD) after its membership request was approved in May 2024. This initiation marks a significant step towards expanding the EBRD’s operations to sub-Saharan Africa and Iraq, a move endorsed during the 2023 Annual Meeting in Samarkand.
The EBRD’s Board of Governors greenlit an amendment to its foundational agreement, allowing for this expansion to take place. Upon formal acceptance by the majority of existing shareholders, the Bank will proceed to advance Nigeria’s interest in becoming a recipient country, which includes access to finance and policy support.
The EBRD’s President, Odile Renaud-Basso, emphasized the importance of Nigeria’s inclusion, remarking on the country’s vast economic potential and the Bank’s commitment to fostering sustainable growth through private sector development.
Wale Edun, Nigeria’s Finance Minister, articulated that joining the EBRD aligns with the nation’s economic reform strategy aimed at enhancing private sector growth, sustainable infrastructure, and a greener economy through targeted investment and innovation.
Currently, the EBRD counts not only Nigeria but also 75 other national shareholders along with the European Union and the European Investment Bank, reaffirming its mission of supporting transitions through investment and policy reform. The Bank is particularly focused on backing Ukraine while encouraging greener, more inclusive, and digital economies across its member states.
Nigeria’s entry as the EBRD’s 77th shareholder facilitates its aspiration to become a recipient country. This milestone aligns with the Bank’s expansion into sub-Saharan Africa and underscores Nigeria’s commitment to advancing private sector-led growth and sustainable development. The EBRD’s focus will leverage its expertise to support Nigeria’s economy, ensuring lasting positive impact.
Original Source: www.ebrd.com
