Nigeria Joins EBRD To Bolster Private Sector Growth In Landmark Move.
Nigeria has officially been admitted as a member of the European Bank for Reconstruction and Development (EBRD), a significant milestone aimed at enhancing private sector access to international capital and driving long-term economic transformation. The announcement, formalised during the EBRD’s 2025 Annual Meetings in London from 13-15 May, marks Nigeria’s emergence as the bank’s 77th shareholder and the eighth African nation to join the institution.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, led a high-level Nigerian delegation to the London meetings, where he described the accession as a pivotal step aligned with President Bola Tinubu’s Renewed Hope Agenda. “This is a proud day for Nigeria. Our membership in the EBRD is a critical milestone in our economic reform journey. We are committed to building a transparent, rules-based economy that unlocks private investment and accelerates inclusive growth,” Edun declared during the Board of Governors’ Plenary Session.
Nigeria’s membership, approved by the EBRD’s Board of Governors in May 2024 following a formal application in April of the same year, opens new avenues for local businesses to access development finance and technical expertise. With over 80% of the EBRD’s financing directed towards the private sector, Nigerian enterprises, particularly small and medium-sized enterprises (SMEs), are poised to benefit from support in key areas such as energy transition, infrastructure, agriculture, and digital innovation.
The EBRD, established in 1991 to support market economies in former Soviet bloc countries, has expanded its mandate to include parts of Africa and the Middle East. Nigeria’s inclusion as a shareholder strengthens its position as a regional economic hub, with ambitious growth targets set at 7% annually. Edun highlighted recent macroeconomic reforms, including fuel subsidy removal, fiscal deficit reduction, and exchange rate stabilisation, as part of efforts to attract foreign investment and position Nigeria as a magnet for global capital.
During the London meetings, themed “Expanding Horizons, Enduring Strengths,” Edun held bilateral talks with delegations from France and the United States, reinforcing Nigeria’s role as a trusted partner in global economic governance. The EBRD’s appointment of Hamza Al-Assad as its first Country Director, based in Lagos, further signals the bank’s commitment to deepening its engagement with Nigeria.
As Nigeria embarks on this new chapter of economic cooperation, the partnership with the EBRD is expected to drive sustainable growth, create jobs, and improve living standards. The country’s membership not only enhances its global economic standing but also underscores the government’s commitment to fostering a vibrant private sector as a cornerstone of national development.
