Nigeria Joins EBRD as 77th Shareholder and Seeks Recipient Status

Nigeria has joined the European Bank for Reconstruction and Development as its 77th shareholder and is seeking to become a recipient country. This move was approved by the EBRD’s Board of Governors amid plans for the Bank to expand its operations into sub-Saharan Africa and Iraq. The partnership aims to bolster Nigeria’s economic reform agenda, focusing on private sector growth and innovation.

In a significant development, Nigeria has officially become the 77th shareholder of the European Bank for Reconstruction and Development (EBRD). This milestone was marked when Nigeria submitted its membership application in April 2024, and the EBRD’s Board of Governors approved it in May of the same year. Consequentially, Nigeria has expressed interest in becoming a recipient country, which will allow it to benefit from the Bank’s financial and policy support.

During the EBRD’s 2023 Annual Meeting held in Samarkand, the Board enacted an amendment to facilitate the Bank’s incremental expansion into sub-Saharan Africa and Iraq. Once formal acceptance of this amendment is secured from the majority of shareholders, Nigeria’s request to operate as a recipient country will be actively pursued. This operation would be advantageous for Nigeria, enabling it to access vital resources for economic enhancement.

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.” He added that this is a crucial moment for the EBRD, as they prepare to initiate activities within sub-Saharan Africa. With Nigeria’s substantial economic potential, their goal is to utilize their expertise to foster private sector growth and facilitate policy dialogue for sustainable progress.

Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, remarked, “Nigeria’s membership of the EBRD strengthens our drive for private sector-led growth… This partnership aligns with our economic reform agenda and commitment to creating jobs through investment and innovation.” The EBRD has currently 75 national shareholders alongside the European Union and the European Investment Bank, focusing on transitional countries through investments, advisory services, and policy reforms to promote enduring change and sustainable growth.

Nigeria’s accession as the EBRD’s 77th shareholder represents a landmark shift in its economic development strategy. By seeking to become a recipient country, Nigeria aims to leverage EBRD’s support for private sector growth and sustainable infrastructure. This partnership is aligned with the country’s broader economic reforms and commitment to fostering innovation-driven job creation. The approval of the Bank’s expansion into sub-Saharan Africa heralds a new era of collaboration and development for member countries.

Original Source: www.ebrd.com