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 (FEC) to join the European Bank for Reconstruction and Development (EBRD).

Edun, speaking at the Monday FEC meeting, disclosed that the opportunity had been extended to five or six African nations.

He stated that President Tinubu met with the bank’s executives in June to explore Nigeria’s membership possibilities, indicating Nigeria’s readiness to join the bank.

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

• “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,” he said.

What you should know about EBRD

The European Bank for Reconstruction and Development (EBRD) was established in April 1991 to ‘foster the transition towards open market-oriented economies and to promote private and entrepreneurial initiative’.

According to the bank official website, the financial institution has invested over €190 billion in more than 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 initiative, green energy as well as sustainable growth.

[Nairametrics]