Nigeria has officially become a full member of the Asian Infrastructure Investment Bank (AIIB), following approval by the Federal Executive Council (FEC) in Abuja. This move marks a significant step in the country's efforts to diversify its development funding sources and access global infrastructure financing.

The AIIB, headquartered in Asia, supports sustainable infrastructure development and has a $100 billion capital base with global membership. As a non-regional member, Nigeria will have broader access to global infrastructure financing, aligning with its strategic goals for economic growth and international investment partnerships.

Nigeria's membership in the AIIB makes it the 19th African country to gain full membership, with 22 African countries approved as members in total. The country's initial commitment involved subscribing to 50 shares valued at $100,000 each, totaling $5 million.

According to Nigeria's Minister of Finance, Wale Edun, the country's accession to the AIIB represents a strategic step in diversifying its development financing sources, especially as the United States moves to end contributions to the African Development Fund (ADF), a key arm of the African Development Bank. Edun noted that despite the AIIB being headquartered in Asia, it welcomes non-regional members committed to sustainable infrastructure expansion.

China's stake in the AIIB is evident in its role as a top donor, giving it the largest voting share at 26.58%. India, Russia, Germany, South Korea, and Australia follow as the next largest shareholders. As the U.S. pulls back from its donor role in Africa, China is expanding its influence through infrastructure financing across the continent.

Nigeria's membership in the AIIB is expected to unlock financing opportunities for key infrastructure projects and accelerate economic transformation across various sectors. With a capital base of $100 billion and global membership, the AIIB offers Nigeria access to substantial funding for infrastructure, less dependent on Western political shifts.

The implications of Nigeria's AIIB membership are far-reaching, with the potential to drive economic growth and development in the country. As one of Africa's largest economies, Nigeria stands to gain significantly from AIIB membership, both financially and geopolitically.

In conclusion, Nigeria's accession to the AIIB marks a significant milestone in the country's efforts to diversify its development funding sources and access global infrastructure financing. As the country looks to accelerate its economic growth and development, its membership in the AIIB is expected to play a critical role in unlocking financing opportunities for key infrastructure projects.