Nigeria Becomes European Bank’s 77th Shareholder

Nigeria has become the European Bank for Reconstruction and Development (EBRD)’s 77th shareholder after officially joining the bank

Earlier In April 2024, Nigeria submitted its application to join the bank, which the EBRD’s Board of Governors approved in May 2024.

This addition brings the total number of EBRD shareholders to 77, comprising 75 national shareholders alongside the

European Union and the European Investment Bank.

This membership comes after a significant decision was made to accept an update to the Agreement Establishing

the EBRD during the EBRD’s 2023 Annual Meeting in Samarkand.

The majority of EBRD shareholders must formally ratify the change before the bank may gradually expand its

operations to Iraq and sub-Saharan Africa.

An EBRD statement noted that, once the amendment takes effect, Nigeria could transition to a recipient country

status. As a beneficiary, Nigeria would gain access to the EBRD’s financial resources and policy support, fostering

sustainable development.

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Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, expressed optimism about this

partnership, stating, “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.”

EBRD President, Odile Renaud-Basso commented, “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 Board of Governors of the EBRD, which has overall control over the bank and establishes its overarching strategic

direction, is composed of individual representation from each shareholder.

A prominent global climate financier, EBRD makes investments in green energy, sustainable growth, and climate

change programmes