Nigeria has joined the EBRD, becoming its 77th shareholder, a move aimed at enhancing economic growth and private sector development. The membership was approved in May, with plans for the EBRD to begin operations in sub-Saharan Africa. Both EBRD President and Nigeria’s Finance Minister expressed optimism about the partnership’s potential for creating jobs and promoting sustainable infrastructure.
Nigeria has officially joined the European Bank for Reconstruction and Development (EBRD) as its 77th shareholder. This significant move was endorsed by the EBRD’s Board of Governors, which approved Nigeria’s request in May of the previous year. EBRD President Odile Renaud-Basso characterized Nigeria’s membership as a landmark event, particularly as the bank plans to commence activities in sub-Saharan Africa later this year.
President Renaud-Basso emphasized that given Nigeria’s substantial economic potential, the EBRD aims to utilize its expertise to foster private sector development and engage in policy discussions to promote sustainable economic growth within the nation. In light of Nigeria’s membership, Finance Minister Wale Edun expressed optimism regarding the potential enhancement of Nigeria’s private sector-led growth and sustainable infrastructure initiatives as well as the promotion of a greener economy.
Minister Edun noted that this partnership is in alignment with Nigeria’s economic reform agenda, which is focused on creating jobs through increased investment and innovation. Furthermore, it was revealed that Nigeria aspires to be designated as an EBRD country of operations, which would provide access to the bank’s financial resources and policy support necessary for driving economic development and growth.
In conclusion, Nigeria’s recent membership in the EBRD signifies a strategic advancement in its financial affiliations, aimed at bolstering sustainable economic growth and private sector development. The partnership aligns with Nigeria’s broader economic reform initiatives and underscores a commitment to fostering innovation and job creation. This collaboration is poised to yield significant benefits as Nigeria transitions towards becoming an EBRD country of operation.
Original Source: africa.cgtn.com
