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Nigeria sets to join European Bank for reconstruction and development – Wale Edun



Wale Edun 11

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.

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.