Nigeria joins European Bank as 77th shareholder

Nigeria has officially joined the European Bank for Reconstruction and Development (EBRD).

This addition brings the total number of EBRD shareholders to 77, comprising 75 national shareholders alongside the European Union and the European Investment Bank.

In April 2024, Nigeria submitted its application to join the bank, which the EBRD’s Board of Governors approved in May 2024.

This membership follows a pivotal decision made at the EBRD’s 2023 Annual Meeting in Samarkand, where an amendment to the Agreement Establishing the EBRD was approved.

The amendment permits the gradual expansion of the bank’s operations to sub-Saharan Africa and Iraq, subject to formal ratification by the majority of EBRD shareholders.