Nigeria has joined the European Bank for Reconstruction and Development (EBRD) as its 77th shareholder, a move approved by the bank’s Board of Governors in May last year. This membership is seen as a critical step towards enhancing Nigeria’s private sector-led growth and aligns with its economic reform agenda.
Nigeria has officially become the 77th shareholder of the European Bank for Reconstruction and Development (EBRD), highlighting an important step in enhancing its global financial relations. The EBRD Board of Governors approved this request back in May of the previous year.
EBRD President Odile Renaud-Basso characterized Nigeria’s accession as a significant milestone, as the bank is set to initiate operations within sub-Saharan Africa later this year. The focus will be on harnessing Nigeria’s substantial economic potential to foster sustainable growth through private sector development and policy dialogue.
Wale Edun, Nigeria’s finance minister, expressed optimism regarding this partnership, emphasizing that membership will enhance Nigeria’s private sector-driven growth, improve infrastructure, and contribute to a greener economy. He stated that this collaboration aligns seamlessly with the country’s economic reform strategy aimed at job creation through investment and innovation.
Additionally, the EBRD conveyed that Nigeria seeks to become an official country of operation. Should this objective be achieved, Nigeria would gain access to the bank’s financial resources and policy guidance, significantly aiding its economic advancement and development efforts.
Nigeria’s membership in the EBRD represents a pivotal advancement in its global financial strategies, aiming to enhance private sector growth and sustainable infrastructure. The collaborative efforts align with Nigeria’s commitment to economic reform and job creation, potentially benefiting from the bank’s resources and support for broader economic development.
Original Source: africa.cgtn.com
