Nigeria Joins European Bank As 77th Shareholder

The European Bank for Reconstruction and Development (EBRD) has officially joined Nigeria. &nbsp,

With the addition of the European Union and the European Investment Bank, there are now 77 total EBRD shareholders, which includes 75 national shareholders.

Nigeria applied to join the bank in April 2024, and the EBRD’s board of governors approved it in May 2024.

Following the EBRD’s 2023 Annual Meeting in Samarkand, where an amendment to the Agreement Establishing the EBRD was approved, this membership was made.

The amendment, if approved by the majority of EBRD shareholders, allows the bank’s operations to gradually expand to sub-Saharan Africa and Iraq.

Nigeria could become a recipient country after the amendment becomes effective, according to an EBRD statement. Nigeria would be able to use the EBRD’s financial resources and policy support, promoting sustainable development, as a beneficiary.

Nigeria’s finance minister Wale Edun and the country’s coordination minister of the economy, Wale Edun, expressed optimism about this partnership by stating that the EBRD’s membership strengthens our commitment to sustainable growth, sustainable infrastructure, and a greener economy. This partnership is in line with our plan to reform the economy and demonstrate our commitment to creating jobs through innovation and investment.

Odile Renaud-Basso, president of the EBRD, stated, “I’m very happy to have the Bank as a shareholder of the country, Nigeria, the most populous country in Africa. As we prepare to launch our activities in sub-Saharan Africa this year, this is a landmark moment for the EBRD. Our goal is to use our expertise in developing the private sector and engaging in policy dialogue to promote Nigeria’s long-term economic growth given the country’s enormous economic potential.

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• By combining investment, advisory initiatives, and policy reforms, the EBRD is determined to promote economic transitions. Its efforts place a premium on sustainable change and private sector development, leaving a long-lasting positive legacy.
• The bank is continuing to advance its goal of creating greener, more inclusive, and more digitally integrated economies across its operating areas while maintaining its current emphasis on Ukraine.
• Each of its shareholders contributed to the company’s core funding, which is made up of capital.

The EBRD’s Board of Governors, which has overall authority over the Bank and sets its overall strategic direction, represents each shareholder individually.

EBRD is a global leader in terms of climate finance, funding green energy projects, and promoting sustainable growth.

Source: Channels TV