Nigeria has joined the European Bank for Reconstruction and Development (EBRD), becoming its 77th shareholder.
Nigeria submitted a request to join the Bank in April 2024 and the Board of Governors approved its membership in May of the same year.
At the EBRD’s 2023 Annual Meeting in Samarkand, the Board of Governors approved an amendment to the Agreement Establishing the EBRD to enable the limited and incremental expansion of its operations to sub-Saharan Africa and Iraq.
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. As a recipient country, Nigeria would benefit from the EBRD’s finance and policy support.
EBRD President Odile Renaud-Basso said: “I am very happy to welcome Nigeria, the most populous country in Africa, as a shareholder of the Bank. This is a landmark moment for the EBRD as we look forward to launching our activities in sub-Saharan Africa this year. 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.”
Wale Edun, Minister of Finance and Coordinating Minister of the Economy of Nigeria, said: “Nigeria’s membership of the EBRD strengthens our drive for private sector-led growth, sustainable infrastructure and a greener economy. This partnership aligns with our economic reform agenda and commitment to creating jobs through investment and innovation.”
The EBRD now has 75 national shareholders in addition to the European Union and the European Investment Bank.
The EBRD supports countries in transition, using a combination of investment, advisory work and policy reform. It focuses on developing the private sector and bringing sustainable change, leaving an enduring legacy for a better future. The Bank is currently focusing its efforts on supporting Ukraine, while helping all of its economies to become greener, more inclusive and more digital
