Nigeria has officially joined the European Bank for Reconstruction and Development (EBRD), bringing the total number of EBRD shareholders to 77, comprising 75 national shareholders alongside the European Union and the European Investment Bank (EIB).
In April 2024, Nigeria submitted its application to join the bank, which the EBRD’s Board of Governors approved in May 2024.
This membership follows a pivotal decision made at the EBRD’s 2023 Annual Meeting in Samarkand, where an amendment to the Agreement Establishing the EBRD was approved.
The amendment permits the gradual expansion of the bank’s operations to sub-Saharan Africa and Iraq, subject to formal ratification by the majority of EBRD shareholders.
Announcing the development, the EBRD in a statement noted that, once the amendment takes effect, Nigeria could transition to a recipient country status.
As a beneficiary, Nigeria would gain access to the EBRD’s financial resources and policy support, fostering sustainable development.
According to Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, joining the bank will promote its economic reform agenda and foster 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 was quoted as saying.
On his part, EBRD President, Mr 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.”
Each shareholder is represented individually on the Board of Governors of the EBRD which has overall authority over the bank and sets its overall strategic direction.
EBRD is also a leading climate financer worldwide, investing in climate change initiatives, green energy, and sustainable growth.