Nigeria Joins EBRD as 77th Member

Nigeria Joins EBRD as 77th Member

JOEL OLADELE, Abuja

The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has officially received Nigeria’s membership certificate as the 77th EBRD member.

A delegation from the European Bank for Reconstruction and Development (EBRD), led by Heike Harmgart, presented Nigeria’s membership certificate to the Honourable Minister in his office in Abuja.

The presentation witnessed discussions on future collaboration.

The delegation conducted an investment assessment to explore potential areas of support. It also introduced Hamza Al-Assad as the first Country Director, based in Lagos as part of its commitment to Nigeria.

While welcoming the membership, the Honourable Minister emphasised macroeconomic reforms under President Bola Ahmed Tinubu led administration, including fuel subsidy removal, fiscal deficit reduction, exchange rate stability, and tax reforms to attract investment.

He highlighted Nigeria’s potential as a regional production hub, with growth targets set to reach 7% annually.

With the presentation, Nigeria has officially joined the European Bank for Reconstruction and Development (EBRD), marking a significant milestone in the country’s efforts to strengthen its economy and attract foreign investment.

The EBRD, an international financial institution established in 1991, supports economic development, private sector growth, and infrastructure investments in emerging markets. Financing projects in energy, financial institutions, SMEs, and infrastructure.

The visit marks a deepening partnership, paving the way for increased private sector and infrastructure investments in Nigeria.

As Nigeria embarks on this new partnership with the EBRD, the country is poised to unlock its vast economic potential, drive sustainable growth, and cement its position as a key player in the global economy.