Nigeria has officially joined the European Bank for Reconstruction and Development (EBRD) as its 77th shareholder, marking a significant milestone in the country's efforts to boost economic growth and attract foreign investment. The announcement was made by Nigeria's Finance Minister and Economic Coordinator, Wale Edun, who received the country's membership certificate from the bank's delegation led by Heike Harmgart in Abuja.

The EBRD, a global financial institution, finances projects across critical sectors such as energy, financial institutions, and small and medium enterprises (SMEs) in 36 economies across three continents. With ownership shared by 75 countries, the EU, and the 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.

Nigeria's membership in the EBRD is expected to catalyze increased private-sector participation and accelerate infrastructure advancements, aligning with the bank's commitment to fostering economic resilience and sustainable development across its member nations. The country's application for membership was formally submitted in April 2024 and underwent an initial review by the EBRD's Board of Governors, which assessed Nigeria's eligibility.

As part of the membership process, Nigeria must fulfill all pre-membership requirements before receiving final approval. The country has also requested access to the EBRD's financial and advisory services, which will be considered once the statutory amendments come into effect. EBRD President Odile Renaud-Basso welcomed Nigeria, the most populous country in Africa, as a shareholder of the bank, stating that it is a "landmark moment" for the EBRD as it looks forward to launching its activities in sub-Saharan Africa this year.

Nigeria's membership follows recent approvals for Kenya, Benin, Côte d'Ivoire, Ghana, and Senegal. Benin completed all necessary membership requirements in April 2024, becoming the first sub-Saharan African country to officially join the EBRD as its 75th shareholder. Before this expansion, only African nations from the northern region had joined the EBRD as shareholders.

The EBRD has introduced Hamza Al-Assad as its first Country Director, based in Lagos, Nigeria, as part of its expansion into sub-Saharan Africa. This development represents a major step toward enhancing economic growth and attracting foreign investment in Nigeria, and is expected to have a positive impact on the country's economy and infrastructure development.

In terms of capital subscriptions, Egypt contributes the highest (€30.87 million), while Benin, Côte d'Ivoire, and Algeria each subscribed €2.03 million. Nigeria's capital subscription stands at €5.22 million.

The implications of Nigeria's membership in the EBRD are far-reaching, with the potential to accelerate economic growth, attract foreign investment, and drive infrastructure development in the country. As the EBRD expands its operations into sub-Saharan Africa, Nigeria's membership is expected to play a significant role in shaping the region's economic landscape.