Nigeria joins European Bank for Reconstruction and Development, expanding global financial ties
Nigeria joined the European Bank for Reconstruction and Development (EBRD), becoming the institution’s 77th shareholder.
The EBRD’s Board of Governors approved Nigeria’s request to join the Bank in May last year.
EBRD President Odile Renaud-Basso said Nigeria joining the Bank was a landmark moment as the bank plans to launch activities in sub-Saharan Africa later 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,” Renaud-Basso said.
Nigeria’s finance minister Wale Edun welcomed the development saying the membership will boost Nigeria’s private sector-led growth and sustainable infrastructure, as well as spur efforts for a greener economy.
“This partnership aligns with our economic reform agenda and commitment to creating jobs through investment and innovation,” Edun said.
The bank also revealed that Nigeria aims to become an EBRD country of operation. If Nigeria is successful, it will benefit from the bank’s financial resources and policy support to drive economic growth and development.
