Nigeria has joined the EBRD as its 77th shareholder, seeking to become a recipient country to leverage financial and policy support for economic growth. This expansion aligns with the EBRD’s 2023 goals, focusing on supporting sub-Saharan Africa and Iraq, emphasizing Nigeria’s potential for sustainable development through private sector engagement.
Nigeria has officially joined the European Bank for Reconstruction and Development (EBRD) as its 77th shareholder, with membership confirmed by the Board of Governors in May 2024 after Nigeria’s request submitted in April of the same year. This significant step comes as the EBRD’s Board approved an incremental expansion into sub-Saharan Africa and Iraq at the 2023 Annual Meeting in Samarkand.
The approved amendment to the EBRD’s foundational agreement must now receive formal acceptance from the majority of its existing shareholders, which will facilitate Nigeria’s transition to a recipient country. As a recipient, Nigeria stands to gain substantial financial and policy support from the EBRD, enhancing its economic strategies.
EBRD President Odile Renaud-Basso expressed enthusiasm about Nigeria’s inclusion, stating it marks a pivotal moment for the Bank in launching its operations in sub-Saharan Africa. She emphasized the potential for developing Nigeria’s private sector and promoting sustainable growth.
Wale Edun, Nigeria’s Minister of Finance, reinforced the significance of EBRD membership, highlighting its alignment with Nigeria’s ambitions for private sector-led growth, sustainable infrastructure, and a greener economy. This collaboration is seen as a critical component of Nigeria’s economic reform agenda.
The EBRD now comprises 75 national shareholders alongside the European Union and the European Investment Bank, focusing on transitional economies through investment, advisory services, and policy reform. The organization aims to foster private sector development and create lasting positive impacts in member countries.
In summary, Nigeria’s accession to the EBRD as its 77th shareholder represents a critical advancement in the Bank’s mission to extend support in sub-Saharan Africa. As Nigeria aspires to become a beneficiary of the EBRD’s resources, this partnership reinforces its commitment to sustainable economic growth through private sector development and innovation. The EBRD remains focused on promoting inclusive and greener economies across its member states.
Original Source: www.ebrd.com
