Nigeria Joins European Bank As 77th Shareholder

Nigeria Joins European Bank As 77th Shareholder
Nigeria Joins European Bank As 77th Shareholder
Nigeria has officially become a member of the European Bank for Reconstruction and Development (EBRD), increasing the total number of shareholders in the bank to 77.

Gatekeepers Newreports that the group includes 75 national shareholders, along with the European Union and the European Investment Bank.

The application for membership was submitted by Nigeria in April 2024 and was approved by the EBRD’s Board of Governors in May 2024. This addition follows a significant decision made at the EBRD’s 2023 Annual Meeting held in Samarkand, where an amendment to the Agreement Establishing the EBRD was approved. This amendment allows for the gradual expansion of the bank’s operations into sub-Saharan Africa and Iraq, pending formal ratification by a majority of EBRD shareholders.

Once the amendment is enacted, Nigeria is expected to transition to a recipient country status. This change would enable Nigeria to access the EBRD’s financial resources and policy support, promoting sustainable development within the nation.

Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, expressed optimism about this partnership, stating, “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.”

EBRD President, Odile Renaud-Basso commented, “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.”