Nigeria has officially joined the European Bank for Reconstruction and Development as its 77th shareholder, marking a significant step in the country’s engagement with international financial institutions.
According to a press statement published by the bank on its website on Tuesday, Nigeria submitted its request to join the Bank in April 2024, and the Board of Governors approved its membership in May of the same year.
The development follows the EBRD’s decision to expand its scope to include sub-Saharan Africa and Iraq. At the Bank’s 2023 Annual Meeting in Samarkand, the Board of Governors approved an amendment to its establishing agreement, allowing for a limited and incremental extension of its operations to the region.
However, for Nigeria to become a recipient of EBRD investments, the amendment must receive formal acceptance from a majority of the Bank’s shareholders.
Once this process is completed, the country will be eligible to benefit from EBRD financing and policy support.
The statement read, “Nigeria has joined the European Bank for Reconstruction and Development, 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.”
The President of the EBRD, Odile Renaud-Basso, described Nigeria’s inclusion as a landmark moment, highlighting the country’s economic potential.
She 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.”
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said Nigeria’s membership aligns with the government’s economic reform agenda and commitment to sustainable development.
“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.
The EBRD, which now has 75 national shareholders alongside the European Union and the European Investment Bank, supports economies in transition through investment, policy reform, and advisory work.
The bank is currently focused on aiding Ukraine while also working to develop greener, more inclusive, and digital economies.
Nigeria’s prospective status as a recipient country would position it to access EBRD financing and expertise in fostering private sector development and economic growth.
