Nigeria becomes 77th member of European Bank for Reconstruction and Development

March 6, 2025 9:40 pm

L-R: Heike Harmgart, managing director for sub-Saharan Africa at EBRD and Wale Edun, minister of finance and coordinating minister of the economy

The ministry of finance says Nigeria has officially joined the European Bank for Reconstruction and Development (EBRD) as its 77th member.

According to a statement on Thursday, Wale Edun, minister of finance and coordinating minister of the economy, received Nigeria’s membership certificate from a delegation of the EBRD, led by Heike Harmgart, in Abuja.

Harmgart is the managing director for sub-Saharan Africa at the EBRD.

In the statement, signed by Mohammed Manga, director of information and public relations at the ministry, the ministry said the presentation was accompanied by discussions on future collaboration, with the bank’s delegation conducting 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,” the ministry said.

Welcoming the membership, Edun highlighted key macroeconomic reforms of the federal government, including petrol subsidy removal, fiscal deficit reduction, exchange rate stability, and tax reforms aimed at attracting investment.

He also underscored Nigeria’s potential as a regional production hub, with growth targets set at 7 percent annually.

The ministry described Nigeria’s entry into the EBRD as a major 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 statement said.

“The visit marks a deepening partnership, paving the way for increased private sector and infrastructure investments in Nigeria.”

According to the ministry, with Nigeria entering the new partnership with the EBRD, the country is set to harness its immense economic potential, promote sustainable growth, and strengthen its role in the global economy.