Nigeria has officially become a member of the European Bank for Reconstruction and Development (EBRD), increasing the total number of the bank’s shareholders to 77. The shareholders include 75 national members, along with the European Union and the European Investment Bank.
Nigeria submitted its application to join the EBRD in April 2024, which was approved by the bank’s Board of Governors in May 2024. The membership follows a decision at the EBRD’s 2023 Annual Meeting in Samarkand, where an amendment to the Agreement Establishing the EBRD was adopted. This amendment allows for the bank’s gradual expansion into sub-Saharan Africa and Iraq, pending ratification by the majority of shareholders.
An EBRD statement noted that once the amendment takes effect, Nigeria could transition to recipient country status, granting it access to the bank’s financial resources and policy support to drive sustainable development.
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, described the membership as a step towards economic growth. “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,” he said.
EBRD President Odile Renaud-Basso welcomed Nigeria’s inclusion, emphasizing the bank’s commitment to supporting economic development in the country. “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,” she stated.
