Nigeria Becomes 77th Shareholder of European Development Bank, Expands Global Financial Partnerships

 Nigeria has officially joined the European Bank for Reconstruction and Development (EBRD) as its 77th shareholder, marking a significant milestone in the country’s efforts to strengthen international financial partnerships and attract foreign investments.

The announcement was made by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who highlighted that Nigeria’s inclusion in the EBRD would open new avenues for infrastructure funding, trade finance, and economic development programs.

Founded in 1991, the EBRD primarily supports private sector development in emerging markets across Europe, Asia, and Africa. Nigeria’s participation is expected to grant the country access to low-interest loans, technical assistance, and co-financing opportunities with European investors.

According to Edun, Nigeria’s membership in the bank aligns with the federal government’s broader strategy to diversify the economy, enhance financial stability, and support key sectors such as agriculture, manufacturing, and renewable energy. He emphasized that by collaborating with international financial institutions like the EBRD, Nigeria can attract long-term capital inflows that will drive economic growth and job creation.

Experts believe that Nigeria’s entry into the EBRD could also improve the country’s creditworthiness in global financial markets, making it easier for both the government and private enterprises to secure funding for large-scale projects.

With the country facing economic challenges such as inflation, currency volatility, and dwindling oil revenues, this partnership is seen as a strategic move to leverage external funding sources for sustainable development.