Nigeria Joins European Bank for Reconstruction and Development..

Samuel Mobolaji

Nigeria has officially joined the European Bank for Reconstruction and Development (EBRD) as its 77th member, marking a major milestone in the country’s economic journey.

This new membership is set to foster growth and attract significant foreign investments, reinforcing the nation’s development agenda.

The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, received the membership certificate from a high-level EBRD delegation, led by Heike Harmgart, in Abuja. The EBRD also conducted an investment assessment to identify potential areas for supporting Nigeria’s economy.

As part of its commitment to the country, the bank has appointed Hamza Al-Assad as its first Country Director, who will be based in Lagos.

Edun welcomed this development, highlighting key macroeconomic reforms implemented under President Bola Tinubu’s administration, such as the removal of the fuel subsidy, fiscal deficit reduction, exchange rate stability, and tax reforms aimed at driving investment.

He emphasized Nigeria’s potential to become a regional production hub, with an ambitious annual growth target of 7%. This new partnership opens the door to financing opportunities and investment support previously reserved for EBRD member nations.

Established in 1991, the EBRD focuses on promoting economic development, supporting private sector growth, and financing infrastructure projects in emerging markets. Its expertise spans key sectors like energy, financial institutions, and small to medium-sized enterprises (SMEs).

Nigeria’s membership in the EBRD is set to deepen the country’s economic ties with global partners, paving the way for increased private sector investments and infrastructure development across the nation.