Nigeria Joins EBRD as 77th Shareholder, Unlocking Development Opportunities

Nigeria has officially joined the European Bank for Reconstruction and Development (EBRD), marking a key milestone in its economic progress. The country’s application, submitted in April 2024, was approved by the EBRD’s Board of Governors in May 2024.

This membership follows a decision at the EBRD’s 2023 Annual Meeting in Samarkand, where an amendment to the bank’s founding agreement was approved. The amendment enables EBRD’s gradual expansion into sub-Saharan Africa and Iraq, pending ratification by its shareholders.

Read Also:

• Nigeria to Gain from €150bn EU Initiative
• EU Awards €300,000 Grant to Eurocham for Advocacy in Nigeria

Potential as a Recipient Country Once the amendment takes effect, Nigeria may transition to a recipient country status, granting access to EBRD’s financial resources and policy guidance. This could drive sustainable development and economic reforms.

Wale Edun, Nigeria’s Minister of Finance, highlighted the importance of this partnership, stating, “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.”

EBRD President Odile Renaud-Basso welcomed Nigeria’s inclusion, describing it as a historic moment. “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.”

With Nigeria’s addition, the EBRD now has 77 shareholders, including 75 national governments, the European Union, and the European Investment Bank.