NIGERIA TO JOIN EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT
Mr. Wale Edun, the Minister of Finance and the Coordinating Minister of the Economy, announced that Nigeria has endorsed an initial approval by the Federal Executive Council (FEC) to become a member of the European Bank for Reconstruction and Development (EBRD).
During the FEC meeting on Monday, Edun revealed that this opportunity had also been offered to five or six other African nations.
He mentioned that President Tinubu held discussions with the executives of the bank in June to explore Nigeria’s potential membership, signaling Nigeria’s preparedness to join the institution.
Furthermore, he explained that the FEC had endorsed the president’s commitment on Monday, clearing the path for Nigeria’s inclusion in the financial organization.
“We also honored a pledge made by Mr. President earlier in June during our meeting with the European Bank for Reconstruction and Development. They expressed their intention to expand beyond Europe and engage partners and stakeholders. They were considering admitting five or six African countries.
“Mr. President conveyed Nigeria’s interest to the president of EBRD. The preliminary approval has been approved by the Federal Executive Council.
“We will become members of the European Bank of Reconstruction and Development,” he stated.
Established in April 1991, the European Bank for Reconstruction and Development (EBRD) aims to facilitate the transition towards open market economies and encourage private and entrepreneurial initiatives.
According to the bank’s official website, the financial institution has invested more than €190 billion in over 6,800 projects across three continents.
The ebrd has shareholders in 72 countries from five continents, as well as the european union and the european investment bank.
These shareholders have each made a capital contribution, which forms our core funding.
Each shareholder is represented individually on the board of governors of the ebrd which has overall authority over the bank and sets its overall strategic direction.
Ebrd is also a leading climate financer across the world, investing in climate change initiatives, green energy as well as sustainable growth.
Tobi Adetunji; Source: Techeconomy
