Nigeria Becomes 77th Shareholder of the EBRD and Seeks Operational Status
Nigeria has become the EBRD’s 77th shareholder after a request in April 2024. The EBRD is expanding its operations into sub-Saharan Africa and Iraq, providing Nigeria with opportunities for financial support and policy dialogue aimed at sustainable growth. EBRD President and Nigeria’s Finance Minister highlight the benefits this partnership will bring to Nigeria’s economy.
Nigeria has officially become the 77th shareholder of the European Bank for Reconstruction and Development (EBRD) following its membership approval by the EBRD’s Board of Governors in May 2024. The decision to welcome Nigeria came after a request submitted by the country in April 2024, marking a significant expansion for the EBRD into sub-Saharan Africa.
During the 2023 Annual Meeting in Samarkand, the Board approved an amendment to the Agreement Establishing the EBRD to facilitate a limited expansion, involving both sub-Saharan Africa and Iraq. This amendment, pending acceptance by the majority of EBRD shareholders, will enable the EBRD to advance Nigeria’s request to become a country of operation. As a recipient country, Nigeria would gain access to the bank’s financial resources and policy support.
EBRD President Odile Renaud-Basso remarked, “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.”
Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, stated, “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.”
The EBRD currently comprises 75 national shareholders, alongside the European Union and the European Investment Bank. Its mission entails supporting countries in transition via investments and policy reforms, with a strong focus on private sector development and sustainable change. The bank is also prioritizing support for Ukraine while striving for greater inclusion and sustainability in its economies.
In conclusion, Nigeria’s accession as a shareholder of the EBRD represents a pivotal advancement in the bank’s expansion into sub-Saharan Africa. This membership is expected to bolster Nigeria’s economic development through increased private sector engagement, sustainable infrastructure investments, and significant policy support. The EBRD’s commitment to fostering economic reform in Nigeria aligns with broader global initiatives aiming for inclusive and sustainable growth.
Original Source: www.ebrd.com
