Nigeria joins European Bank for Reconstruction & Development as 77th member

Nigeria has officially become the 77th member of the European Bank for Reconstruction and Development (EBRD), marking a significant step toward fostering economic growth and attracting foreign investments.

The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, received Nigeria’s membership certificate from a delegation of the EBRD led by Heike Harmgart, in Abuja.

According to the Director of Information and Public Relations, Mr. Mohammed Manga, the EBRD team also conducted an investment assessment to explore potential areas of support for Nigeria’s economy.

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

Welcoming the development, Edun highlighted key macroeconomic reforms under President Bola Tinubu’s administration, including: Fuel subsidy removal, Fiscal deficit reduction, Exchange rate stability and Tax reforms to attract investment.

He further emphasized Nigeria’s potential as a regional production hub, with ambitious growth targets set at 7% annually.

With this membership, Nigeria now gains access to financing opportunities and investment support reserved for EBRD members.

Established in 1991, the EBRD promotes economic development, private sector growth, and infrastructure investment in emerging markets. It finances projects in key sectors such as: Energy, Financial institutions and Small and Medium Enterprises (SMEs)

The EBRD’s visit and Nigeria’s new membership signal a deepening economic partnership, paving the way for increased private sector investments and infrastructure development in the country.