Nigeria has officially become the 77th shareholder of the European Bank for Reconstruction and Development (EBRD), following its membership approval in May 2024.
At the EBRD’s 2023 Annual Meeting in Samarkand, the Board of Governors approved an amendment to the Agreement Establishing the EBRD to enable the limited and incremental expansion of its operations to sub-Saharan Africa and Iraq.
Once the amendment is in force, which requires formal acceptance by the majority of the EBRD’s shareholders, the Bank will be able to take forward Nigeria’s request to become a country of operation. As a recipient country, Nigeria would benefit from the EBRD’s finance and policy support.
The European Bank for Reconstruction and Development is an international financial institution founded in 1991. As a multilateral developmental investment bank, the EBRD uses investment as a tool to build market economies.
Headquartered in London, the EBRD is owned by 73 countries and two European Union institutions, the newest shareholder being Nigeria. Despite its public sector shareholders, it invests in private enterprises, together with commercial partners.
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