Nigeria has joined the EBRD as its 77th shareholder, marking a significant partnership. The EBRD Board approved a limited expansion to sub-Saharan Africa and Iraq in 2023. Nigerian officials express optimism regarding this collaboration, citing opportunities for private sector growth and sustainable infrastructure development.
Nigeria has officially become the 77th shareholder of the European Bank for Reconstruction and Development (EBRD). The request for membership was submitted in April 2024 and was subsequently approved by the Board of Governors in May. This marks a significant advancement in Nigeria’s partnership with the EBRD, particularly as the 2023 Board approved the expansion of operations to include sub-Saharan Africa and Iraq.
At the EBRD’s Annual Meeting in Samarkand in 2023, an amendment to the Agreement Establishing the EBRD was approved, which allows for this incremental expansion. Once this amendment is fully ratified by a majority of shareholders, Nigeria’s application to become an operational country can be progressed. As a recipient country, Nigeria will gain access to finance and policy support from the Bank.
In welcoming Nigeria, EBRD President Odile Renaud-Basso stated, “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.”
Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, noted that “Nigeria’s membership of the EBRD strengthens our drive for private sector-led growth, sustainable infrastructure and a greener economy.” This partnership aligns with Nigeria’s commitment to economic reform and job creation through investment and innovation.
In conclusion, Nigeria’s entry as a shareholder in the EBRD signifies a pivotal moment for financial collaboration aimed at fostering sustainable economic growth. The EBRD’s expansion into sub-Saharan Africa, coupled with Nigeria’s ambition to become an operational country, lays the groundwork for impactful investments and developmental initiatives that prioritize private sector growth and innovation.
Original Source: www.ebrd.com
