Membership Paves Way for Access to Financial Resources, Policy Support for Sustainable Development
Nigeria has officially become a shareholder of the European Bank for Reconstruction and Development (EBRD), marking a significant milestone in the country’s economic development efforts. The addition brings the total number of EBRD shareholders to 77, including 75 national shareholders, the European Union, and the European Investment Bank.
Nigeria’s membership follows its application in April 2024 and subsequent approval by the EBRD’s Board of Governors in May 2024. This development aligns with a pivotal decision made at the EBRD’s 2023 Annual Meeting in Samarkand, where an amendment to the bank’s founding agreement was approved to allow expansion into sub-Saharan Africa and Iraq.
Once the amendment is formally ratified by a majority of shareholders, Nigeria could transition to a recipient country status, gaining access to the EBRD’s financial resources and policy support to drive sustainable development.
Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, hailed the partnership as a boost to the country’s economic reform agenda. “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 commitment to creating jobs through investment and innovation,” he said.
EBRD President Odile Renaud-Basso expressed enthusiasm about Nigeria’s inclusion, stating, “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.”
The EBRD, known for its focus on private-sector development and sustainable economic transitions, combines investments, advisory initiatives, and policy reforms to foster greener, more inclusive, and digitally integrated economies. While the bank continues to prioritize support for Ukraine, its expansion into sub-Saharan Africa underscores its commitment to global sustainable development.
As a leading climate financier, the EBRD invests in green energy, climate change initiatives, and sustainable growth, offering Nigeria a unique opportunity to leverage international expertise and funding for its development goals.
Nigeria’s membership in the EBRD represents a strategic step toward achieving its vision of economic transformation and long-term prosperity.