Nigeria officially joins European Bank for reconstruction, development
…Membership will boost FDI, strengthen economy — Edun
By Matthew Denis, Abuja
Nigeria has joined 76 other nations becoming a member of the European Bank for Reconstruction and Development (EBRD).
This was disclosed by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun yesterday while officially receiving Nigeria’s membership certificate.
In a statement signed by Mohammed Manga,Director, Information and Public Relations of the Ministry, the Minister hailed the membership noting that it is a significant milestone in the country’s efforts to strengthen its economy and attract foreign investment.
The delegation from the European Bank for Reconstruction and Development (EBRD), led by Heike Harmgart, presented Nigeria’s membership certificate to the 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 per cent 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.
