The ministry of finance says Nigeria has officially joined the European Bank for Reconstruction and Development (EBRD) as its 77th member.
According to a statement on Thursday, Wale Edun, minister of
finance and coordinating minister of the economy, received Nigeria’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 said 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.
Welcoming the membership, Edun highlighted key macroeconomic
reforms of the federal government, including petrol subsidy removal, fiscal
deficit reduction, exchange rate stability, and tax reforms aimed at attracting
investment.
He also underscored Nigeria’s potential as a regional
production hub, with growth targets set at 7 percent annually.
The ministry described Nigeria’s entry into the EBRD as a
major milestone in the country’s efforts to strengthen its economy and attract
foreign investment.
“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.”
According to the ministry, with Nigeria entering the new
partnership with the EBRD, the country is set to harness its immense economic
potential, promote sustainable growth, and strengthen its role in the global
economy.
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