The ministry of finance has said Nigeria has officially joined the European Bank for Reconstruction and Development (EBRD) as its 77th member.
A statement on Thursday, said the minister of finance and coordinating minister of the economy, Wale Edun received the country’s membership certificate from a delegation of the EBRD, led by Heike Harmgart, in Abuja.
Harmgart is the managing director for sub-Saharan Africa at the EBRD.
In the statement, signed by Mohammed Manga, director of information and public relations at the ministry, the ministry stated that the presentation was accompanied by discussions on future collaboration, with the bank’s delegation conducting an investment assessment to explore potential areas of support.
“It also introduced Hamza Al-Assad as the first Country Director, based in Lagos as part of its commitment to Nigeria,” the ministry said.
While welcoming the membership, Edun harped key macroeconomic reforms of the federal government, comprising petrol subsidy removal, fiscal deficit reduction, exchange rate stability, and tax reforms geared at attracting investment.
He also addressed Nigeria’s potential as a regional production hub, with growth targets set at 7 percent annually.
“The EBRD, an international financial institution established in 1991, supports economic development, private sector growth, and infrastructure investments in emerging markets. Financing projects in energy, financial institutions, SMEs, and infrastructure,” the statement said.
“The visit marks a deepening partnership, paving the way for increased private sector and infrastructure investments in Nigeria.”
