Nigeria has officially joined the European Bank for Reconstruction and Development (EBRD) as its 77th member, a move expected to boost economic growth and attract foreign investment. The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, received the country’s membership certificate from an EBRD delegation led by Heike Harmgart in Abuja.
According to Mohammed Manga, Director of Information and Public Relations, the EBRD team conducted an investment assessment to explore potential areas of economic support for Nigeria. As part of this effort, the bank has appointed Hamza Al-Assad as its first Country Director, who will be based in Lagos.
Edun welcomed the development, highlighting key macroeconomic reforms under President Bola Tinubu’s administration, including the removal of fuel subsidies, efforts to reduce the fiscal deficit, exchange rate stability, and tax reforms aimed at attracting investment. He also emphasized Nigeria’s potential as a regional production hub, with an ambitious annual economic growth target of 7%.
With this membership, Nigeria now has access to EBRD financing and investment support available exclusively to member nations. Established in 1991, the bank promotes economic development, private sector expansion, and infrastructure investment in emerging markets, with a focus on sectors such as energy, financial institutions, and small and medium enterprises (SMEs).
The EBRD’s engagement and Nigeria’s membership mark a deepening economic partnership, paving the way for increased private-sector investment and enhanced infrastructure development in the country.
