Nigeria to join European Bank for Reconstruction and Development – Wale Edun

The Minister of Finance and the Coordinating Minister of the Economy, Wale Edun, has said that Nigeria has ratified a preliminary approval by the Federal Executive Council to join the European Bank for Reconstruction and Development.

This disclosure was made by the minister while speaking at the FEC meeting on Monday, noting that the opportunity had been extended to five or six African nations, according to nairametrics.

He said that in June, President Tinubu met with executives of the bank to assess Nigeria’s potential as a member and it became clear that Nigeria was ready for membership.

He added that the FEC had endorsed the president’s commitment on Monday, paving the way for Nigeria’s membership in the financial institution.

He said, “We also fulfil a commitment by Mr. President way back in June when we met the European Bank for Reconstruction and Development. They had said they were looking to spread beyond the region of Europe and take on partners and shareholders.

“They were opening up to five or six African countries.

“Mr. President told the president of EBRD that we are interested. The preliminary approval has been ratified by the Federal Executive Council.

“We are going to be members of the European Bank of Reconstruction and Development.”

In April 1991, the European Bank for Reconstruction and Development was established with a view to promoting transition towards an open market economy, as well as encouraging private entrepreneurial initiatives.

The financial institution has invested over €190 billion in more than 6,800 projects across three continents, according to its website.

The EBRD has shareholders in 72 countries from five continents, as well as the European Union and the European Investment Bank.