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Nigeria has officially joined the European Bank for Reconstruction and Development (EBRD) as the eight African member and its 77th shareholder.
Its membership of the EBRD was announced by Nigeria’s Finance Minister and Economic Coordinator, Wale Edun, while receiving the country’s membership certificate from the bank’s delegation led by Heike Harmgart in Abuja.
This development represents a major step toward enhancing economic growth and attracting foreign investment.
The EBRD finances projects across critical sectors, including energy, financial institutions, and small and medium enterprises (SMEs).
The bank is a global financial institution dedicated to fostering private sector growth and economic development in 36 economies across three continents.
With ownership shared by 75 countries, the EU, and the EIB, the EBRD prioritises building competitive, sustainable, and well-governed markets.
Since its establishment in 1991, it has invested over €195 billion in 7,021 projects, supporting industries such as finance, agribusiness, manufacturing, and infrastructure, including renewable energy and municipal services, while also advancing policy reforms to strengthen economies.
Nigeria formally submitted its application for membership in the European Bank for Reconstruction and Development (EBRD) in April 2024.
The application underwent an initial review by the EBRD’s Board of Governors, which assessed Nigeria’s eligibility. — Business Insider Africa
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