Nigeria has joined the EBRD as its 77th shareholder, seeking to become a recipient country to enhance economic development. The EBRD’s Board approved this expansion, allowing Nigeria to access finance and policy support, aligning with its economic reform agenda. EBRD officials expressed optimism about this collaboration’s potential for sustainable growth.
Nigeria has officially become the 77th shareholder of the European Bank for Reconstruction and Development (EBRD). A request for membership was submitted in April 2024, with approval granted by the EBRD’s Board of Governors in May of the same year. This inclusion marks a significant step in the EBRD’s expansion to sub-Saharan Africa and Iraq, approved during the 2023 Annual Meeting in Samarkand.
With the EBRD’s recent expansion amendment requiring majority shareholder acceptance, Nigeria aims to transition to a recipient country. This status would enable Nigeria to receive financial support and policy assistance from the EBRD, enhancing its economic growth potential. EBRD President Odile Renaud-Basso stated her enthusiasm for welcoming Nigeria, noting the country’s significant economic capabilities and the Bank’s intention to assist in developing its private sector.
Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, emphasized that joining the EBRD bolsters the country’s commitment to private-sector growth, sustainable infrastructure, and a greener economy. This collaboration aligns closely with Nigeria’s economic reform goals and dedication to job creation through investment and innovation. The EBRD now holds 75 national shareholders alongside the European Union and the European Investment Bank.
The EBRD operates by supporting countries in transition using investment, advisory services, and fostering policy reform. Its mission focuses on strengthening the private sector and promoting sustainable development, ensuring a lasting legacy for future generations. Currently, the EBRD prioritizes its efforts in supporting Ukraine while seeking to foster greener, more inclusive, and digitally advanced economies across its domains.
In summary, Nigeria’s accession as the EBRD’s 77th shareholder is a noteworthy development. This partnership signifies an opportunity for substantial investment and policy support. As Nigeria aims to enhance its private sector and infrastructure, the EBRD’s resources will be crucial in driving sustainable economic progress within the nation.
Original Source: www.ebrd.com
