Nigeria has officially joined the European Bank for Reconstruction and Development (EBRD) as its 77th shareholder, marking a significant milestone in the country’s economic trajectory.
In April 2024, Nigeria submitted its application to join the bank, which the EBRD’s Board of Governors approved in May 2024.
This membership follows a pivotal decision made at the EBRD’s 2023 Annual Meeting in Samarkand, where an amendment to the Agreement Establishing the EBRD was approved.
The amendment permits the gradual expansion of the bank’s operations to sub-Saharan Africa and Iraq, subject to formal ratification by the majority of EBRD shareholders.
Recipient country status
An EBRD statement noted that, once the amendment takes effect, Nigeria could transition to a recipient country status. As a beneficiary, Nigeria would gain access to the EBRD’s financial resources and policy support, fostering sustainable development.
Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, expressed optimism about 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, lauded Nigeria’s membership as a historic development. She commented, “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.”
This addition brings the total number of EBRD shareholders to 77, comprising 75 national shareholders alongside the European Union and the European Investment Bank.
What you should know
- The EBRD is committed to fostering economic transitions by combining investments, advisory initiatives, and policy reforms. Its efforts emphasize private-sector development and sustainable change, leaving a long-lasting positive legacy.
- While currently prioritizing support for Ukraine, the bank is concurrently advancing its mission to create greener, more inclusive, and more digitally integrated economies across its regions of operation.
- Its shareholders have each made a capital contribution, which forms our core funding.
Each shareholder is represented individually on the Board of Governors of the EBRD which has overall authority over the Bank and sets its overall strategic direction.
EBRD is also a leading climate financer across the world, investing in climate change initiatives, green energy, as well as sustainable growth.
