BAKU, Azerbaijan, March 5. Nigeria has officially joined the European Bank for Reconstruction and Development (EBRD), becoming its 77th shareholder, Trend reports.
The country submitted its request for membership in April 2024, with approval granted by the Board of Governors the following month.
The decision follows an amendment approved at the EBRD’s 2023 Annual Meeting, which allows for the Bank's limited expansion into sub-Saharan Africa and Iraq. Once the amendment is formally accepted by the majority of EBRD shareholders, Nigeria can become a country of operation, gaining access to the Bank’s financial and policy support.
EBRD President Odile Renaud-Basso expressed her enthusiasm, noting that Nigeria’s membership marks a significant step in the Bank's expansion into sub-Saharan Africa. Nigerian Finance Minister Wale Edun highlighted the partnership’s alignment with the country’s economic reform goals, aiming for private sector growth, sustainable infrastructure, and a greener economy.