Nigeria’s membership of the EBRD announced by Nigeria’s Finance Minister and Economic Coordinator, Wale Edun, while receiving the country’s membership certificate from the bank’s delegation led by Heike Harmgart in Abuja.
This development represents a major step toward enhancing economic growth and attracting foreign investment.
The EBRD finances projects across critical sectors, including energy, financial institutions, and small and medium enterprises (SMEs).
The EBRD
The European Bank for Reconstruction and Development (EBRD) is a global financial institution dedicated to fostering private sector growth and economic development in 36 economies across three continents.
With ownership shared by 75 countries, the EU, and the EIB, the EBRD prioritizes building competitive, sustainable, and well-governed markets.
Since its establishment in 1991, it has invested over €195 billion in 7,021 projects, supporting industries such as finance, agribusiness, manufacturing, and infrastructure, including renewable energy and municipal services, while also advancing policy reforms to strengthen economies.
Nigeria’s road to EBRD membership
Nigeria formally submitted its application for membership in the European Bank for Reconstruction and Development (EBRD) in April 2024.
The application underwent an initial review by the EBRD’s Board of Governors, which assessed Nigeria’s eligibility. As part of the membership process, the country must fulfill all pre-membership requirements before receiving final approval.
This development aligns with the EBRD’s 2023 decision at its Annual Meeting in Samarkand to expand its operations into sub-Saharan Africa and Iraq. The expansion necessitated amendments to the Bank’s statutes, facilitating a gradual and strategic broadening of its scope.
Beyond membership, Nigeria has also requested access to the EBRD’s financial and advisory services. These requests will be considered once the statutory amendments come into effect.
EBRD President Odile Renaud-Basso said: “I am very happy to welcome Nigeria, the most populous country in Africa, as a shareholder of the Bank. This is a landmark moment for the EBRD as we look forward to launching our activities in sub-Saharan Africa this year.”
Nigeria’s application follows recent approvals for Kenya, Benin, Côte d’Ivoire, Ghana, and Senegal. In April 2024, Benin completed all necessary membership requirements, becoming the first sub-Saharan African country to officially join the EBRD as its 75th shareholder.
Before this expansion, only African nations from the northern region had joined the EBRD as shareholders. According to the Bank’s official records, the African countries that have formally joined as shareholders include;
| SN | Country | Date Joined | Capital Subscription (€ 000) |
|---|---|---|---|
|
1 |
Egypt |
28 Mar 1991 |
30,870 |
|
2 |
Morocco |
28 Mar 1991 |
27,950 |
|
3 |
Tunisia |
29 Dec 2011 |
9,860 |
|
4 |
Libya |
16 Jul 2019 |
9,860 |
|
5 |
Algeria |
19 Oct 2021 |
2,030 |
|
6 |
Benin |
10 Apr 2024 |
2,030 |
|
7 |
Côte d’Ivoire |
18 Dec 2024 |
2,030 |
|
8 |
Nigeria |
26 Feb 2025 |
5,220 |
Egypt and Morocco became the first African members in 1991, while Nigeria joined in 2025.
Capital subscriptions vary, with Egypt contributing the highest (€30.87 million), while Benin, Côte d’Ivoire, and Algeria each subscribed €2.03 million.
As part of its expansion into sub-Saharan Africa, the EBRD has introduced Hamza Al-Assad as its first Country Director, based in Lagos, Nigeria.
This membership is expected to catalyze increased private-sector participation and accelerate infrastructure advancements, aligning with the EBRD’s commitment to fostering economic resilience and sustainable development across its member nations.
