Nigeria has officially joined the European Bank for Reconstruction and Development (EBRD) as its eighth African member and 77th shareholder. The announcement of Nigeria’s membership was made by the country’s Finance Minister and Economic Coordinator, Wale Edun, during a ceremony where he received the membership certificate from a delegation led by Heike Hamgart in Abuja.
This development marks a significant 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). As a global financial institution, the EBRD is dedicated to fostering private sector growth and economic development in 36 economies across three continents.
With ownership shared by 75 countries, the European Union, and the European Investment Bank (EIB), the EBRD prioritizes 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. Additionally, the bank promotes policy reforms to strengthen economies.
Nigeria formally submitted its application for membership in the EBRD in April 2024. The application underwent an initial review by the EBRD’s Board of Governors, which assessed Nigeria’s eligibility.
