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

 Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, received the certificate of membership on Thursday in Abuja from an EBRD delegation led by Heike Harmgart.

A statement from the ministry said discussions were held on areas of future collaboration between Nigeria and the bank. 

The delegation also conducted an investment assessment to identify opportunities for financial support. As part of its commitment to Nigeria, the EBRD introduced Hamza Al-Assad as the first Country Director, who will be based in Lagos.

Edun spoke on ongoing economic reforms under President Bola Ahmed Tinubu’s administration. 

He pointed to policies such as the removal of fuel subsidies, efforts to reduce the fiscal deficit, stabilising the exchange rate and tax reforms aimed at creating a more attractive environment for investment.

The Minister also expressed confidence in Nigeria’s ability to serve as a regional production hub, with ambitious growth targets of up to 7% annually.

This development marks a significant milestone in Nigeria’s efforts to strengthen its economy and attract foreign investments. 

The EBRD, established in 1991, focuses on supporting economic development, private sector expansion, and infrastructure projects in emerging markets. 

It provides financing for sectors such as energy, financial institutions, small and medium-sized enterprises (SMEs), and infrastructure.

With this new partnership, Nigeria is set to benefit from increased private sector investments and infrastructure development, further driving economic growth and positioning the country as a key player in the global economy.