Nigeria has officially become a shareholder in the European Bank for Reconstruction and Development (EBRD), bringing the total number of stakeholders to 77, which includes 75 national shareholders alongside the European Union and the European Investment Bank.

The country submitted Its membership application in April 2024, and by May, the EBRD?s Board of Governors granted approval. This move follows a decision made during the bank?s 2023 Annual Meeting in Samarkand, where an amendment to the Agreement Establishing the EBRD was endorsed. The amendment paves the way for a gradual expansion of the bank?s operations into sub-Saharan Africa and Iraq, pending formal ratification by a majority of EBRD shareholders.

According to an EBRD statement, once this amendment takes effect, ?Nigeria could transition to a recipient country status.? This would allow it to access the bank?s financial resources and policy support to drive sustainable development.

Commenting on the development, Nigeria?s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, expressed optimism about the opportunities this partnership presents. ?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,? he said.

EBRD President Odile Renaud-Basso also welcomed Nigeria?s inclusion, stating, ?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.?

The EBRD is known for fostering economic transitions through a combination of investment, advisory programs, and policy initiatives. With a strong focus on private-sector growth and sustainability, the bank aims to create long-lasting economic impact.

Although its current priority is supporting Ukraine, the EBRD is also working towards its broader mission of promoting greener, more inclusive, and digitally connected economies. The bank remains a major global player in climate finance, investing in green energy, climate initiatives, and sustainable development projects.

Each shareholder contributes capital, forming the institution?s core funding. Representation on the Board of Governors ensures that shareholders play a role in shaping the bank?s overall strategic direction. (Nigerian Tribune)

?EBRD Head of sub-Saharan Africa, Heike Harmgart at the signing ceremony with Wale Edun, Minister of Finance and Coordinating Minister of the Economy of Nigeria

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