Nigeria becomes EBRD shareholder

Nigeria has become the 77th shareholder in the European Bank for Reconstruction and Development.

The Bank’s board of governors approved Nigeria’s membership after it amended its laws to expand incremental funding to Sub-Saharan Africa,the bank said in a statement.

Through this membership,Nigeria hopes to benefit from EBRD funding,which is yet to be approved by the rest of its members.

The EBRD now has 75 national shareholders in addition to the EU and the European Investment Bank (EIB).

The EBRD supports countries in transition,using a combination of investment,advisory work and policy reform,while focusing on developing the private sector and sustainable projects.

In recent years,the Bank focused its efforts on supporting Ukraine,following the war.