Nigeria has officially become the 77th shareholder of the European Bank for Reconstruction and Development (EBRD), marking a significant milestone in its economic growth strategy.
The country submitted its request to join the EBRD in April 2024, and by May, the Board of Governors granted approval. This move positions Nigeria to benefit from the Bank’s extensive financial and policy support, boosting its private sector, infrastructure, and green economy initiatives.
The EBRD’s expansion into sub-Saharan Africa and Iraq was set in motion during its 2023 Annual Meeting in Samarkand, where an amendment to its founding agreement was approved. Once this amendment gains the necessary formal acceptance from the majority of EBRD shareholders, Nigeria could transition from a shareholder to a full recipient of EBRD funding and investment.
Welcoming Nigeria to the EBRD, President Odile Renaud-Basso emphasized the country’s vast economic potential and the Bank’s commitment to fostering private sector growth and sustainable development. She expressed optimism about launching operations in sub-Saharan Africa, with Nigeria leading the way.
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Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, hailed the membership as a crucial step in the country’s economic reform agenda. He highlighted the partnership’s role in driving private-sector-led growth, sustainable infrastructure, and job creation through investment and innovation.
The EBRD, known for supporting economies in transition, combines investment, advisory services, and policy reforms to create lasting economic change. While its immediate focus remains on aiding Ukraine, it continues to champion sustainable, inclusive, and digital economic transformation across its member countries.
Nigeria’s entry into the EBRD signals a new era of international economic collaboration, positioning the country for increased foreign investment, economic diversification, and long-term prosperity.
