Nigeria has officially joined the European Bank for Reconstruction and Development (EBRD), becoming its 77th shareholder. This move strengthens Nigeria’s global financial partnerships and could pave the way for future investment opportunities.
The EBRD’s Board of Governors approved Nigeria’s membership in May 2024, following the country’s application in April 2024. The decision aligns with a 2023 amendment allowing the bank to expand its operations into sub-Saharan Africa and Iraq, pending shareholder ratification.
Also Read: Discussing Challenges and Solution Facing Startups in Nigeria
Once the amendment takes effect, Nigeria could transition to recipient country status, gaining access to EBRD funding and policy support for sustainable infrastructure, private-sector growth, and economic reforms.
Nigeria’s Finance Minister, Wale Edun, described the partnership as a major step towards job creation and innovation, while EBRD President Odile Renaud-Basso. said the bank looks forward to leveraging its expertise to support Nigeria’s economic growth.
Leave feedback about this
You must be logged in to post a comment.