Nigeria has joined the European Bank for Reconstruction and Development (EBRD) as its 77th shareholder, with plans for the bank to launch activities in sub-Saharan Africa. The membership aims to strengthen private sector growth and sustainable infrastructure in Nigeria, aligning with the country’s economic reform agenda.
Nigeria has officially joined the European Bank for Reconstruction and Development (EBRD), becoming its 77th shareholder. This membership was approved by the EBRD’s Board of Governors following Nigeria’s request in May of the previous year. This move signifies a notable expansion of Nigeria’s global financial ties as the EBRD plans to initiate its activities in sub-Saharan Africa later this year.
EBRD President Odile Renaud-Basso highlighted the significance of Nigeria’s membership, stating that it represents a landmark moment for the institution. She emphasized the potential for economic growth in Nigeria, noting the bank’s goal to utilize its expertise in advancing the private sector and engaging in policy dialogue to foster sustainable economic development in the country.
Wale Edun, Nigeria’s finance minister, expressed optimism about the membership, stating it would enhance Nigeria’s growth, focusing on a private sector-led approach and sustainable infrastructure. He also noted that this collaboration is in line with Nigeria’s economic reform agenda, aiming to create jobs through investment and innovation.
Furthermore, the EBRD indicated that Nigeria aims to become an operational country for the bank. If successful, Nigeria would gain access to the EBRD’s financial resources and policy support, instrumental for driving its economic growth and development initiatives.
Nigeria’s membership in the EBRD marks a significant milestone in enhancing its financial landscape. The partnership is expected to promote private sector development, sustainable infrastructure, and align with Nigeria’s economic reform efforts while providing access to essential financial resources for growth.
Original Source: africa.cgtn.com
