Nigeria has officially joined the European Bank for Reconstruction and Development (EBRD) as its 77th member, marking a milestone in the nation’s economic growth efforts and its appeal to foreign investors.
Nigeria’s membership certificate was presented to the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, by an EBRD delegation led by Heike Harmgart, in Abuja.
Mr. Mohammed Manga, the Director of Information and Public Relations, shared that the EBRD delegation also conducted an investment assessment to identify areas where the bank can support Nigeria’s economy.
As part of its commitment, the bank introduced Hamza Al-Assad as its first Country Director, who will be stationed in Lagos.
In his remarks, Edun praised the macroeconomic reforms implemented by President Bola Tinubu’s administration, including fuel subsidy removal, fiscal deficit reduction, exchange rate stabilization, and tax reforms—all aimed at boosting investment.
Edun further underscored Nigeria’s potential as a regional production hub with a goal of achieving a 7% annual growth rate.
Nigeria’s membership in the EBRD now opens the door to various financing opportunities and investment support typically reserved for the bank’s members.
Founded in 1991, the EBRD supports economic development, private sector growth, and infrastructure investment across emerging markets, financing key sectors such as energy, financial institutions, and small and medium enterprises (SMEs).
This new membership and the EBRD’s visit signify a deepening economic partnership, paving the way for increased private sector investments and infrastructure development in Nigeria.
