NIGERIA JOINS ASIAN INFRASTRUCTURE BANK AS NEWEST MEMBER
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Nigeria is now a full member of the Asian Infrastructure Investment Bank (AIIB).
The decision was finalised during the Federal Executive Council (FEC) meeting in Abuja on Monday.
During the meeting, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, presented a memorandum confirming Nigeria’s membership, emphasising its importance for infrastructure development and economic growth.
Nigeria was initially invited to join AIIB in 2021 and has now completed the legal, administrative, and financial processes necessary for accession.
Edun emphasised that the AIIB, though headquartered in Asia, also welcomes non-regional members committed to sustainable infrastructure expansion.
“We’ve concluded that process now, and we are fully fledged members of the Asian Infrastructure Investment Bank, which is set up to promote infrastructure development and generally sustained economic growth in all its members,” Edun said.
Edun also highlighted insights from the recent World Bank/IMF Spring Meetings in Washington, D.C., where international financial institutions reaffirmed Nigeria’s macroeconomic reform efforts under President Bola Ahmed Tinubu’s administration.
He cited the IMF’s Article IV Consultation, which recognised the stability achieved through Nigeria’s financial restructuring despite external economic shocks such as reciprocal tariffs imposed by the U.S.
“It is the resilience that has been created by the macroeconomic reforms that stabilised the economy that has allowed us to cope with the recent introduction of reciprocal tariffs in America and the turbulence that has caused,” Edun stated.
As part of its initial commitment, Nigeria has subscribed to 50 shares valued at $100,000 per share, totalling $5 million.
The membership is expected to unlock financing opportunities for key infrastructure projects and accelerate economic transformation across various sectors.
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