Nigeria is now a full member of the Asian Infrastructure Investment Bank (AIIB), following approval by the Federal Executive Council (FEC).
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, announced the decision on Monday at the State House in Abuja. The FEC meeting was chaired by President Bola Ahmed Tinubu.
Edun said Nigeria completed the legal and financial processes required to become a non-regional member of the AIIB.
“I had the honour to present to the Federal Executive Council today a memo seeking the approval of the membership of Nigeria to the Asian Infrastructure Investment Bank, as a non-regional member,” he said.
AIIB, based in China, supports infrastructure development across member countries. Though mainly made up of Asian nations, it allows non-Asian countries to join.
Nigeria received the invitation to join in 2021. It subscribed to 50 shares in the bank at $100,000 each, amounting to a total of $5 million.
Edun said this will give Nigeria access to more funding for infrastructure and help fuel long-term economic growth.
Here’s a brief rundown on the Asian Infrastructure Investment Bank (AIIB) to enrich your article:
How AIIB Could Benefit Nigeria
The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank headquartered in Beijing, China. It was established in 2016 with the primary goal of financing infrastructure and sustainable development projects across Asia and beyond.
Though it began with a focus on Asia, AIIB now includes non-regional members like Germany, Canada, and now Nigeria. The bank has over 100 member countries and focuses on sectors such as transport, energy, urban development, digital infrastructure, and climate resilience.
- Access to concessional funding for infrastructure projects like roads, rail, power, and water systems.
- Opportunities for public-private partnerships (PPPs) with global players.
- Technical expertise and investment support for large-scale infrastructure planning and execution.
- Strengthens Nigeria’s profile in global financial cooperation and development finance circles.
- Supports President Tinubu’s economic reform agenda by enabling more capital for inclusive and sustainable growth.
Global Confidence Grows in Nigerian Economy
Wale Edun said international financial institutions have shown increasing confidence in Nigeria’s economic direction.
He pointed to recent discussions during the World Bank/IMF Spring Meetings in Washington DC.
“It is the resilience that has been created by the macroeconomic reforms that stabilised the economy that have allowed us to cope with the recent introduction of reciprocal tariffs in America and the turbulence that has caused,” Edun said.
He added that the IMF’s Article IV Consultation supported the country’s current policies. He also mentioned Fitch Ratings’ decision to upgrade Nigeria’s outlook from B- to B with a positive forecast.
According to him, President Tinubu remains committed to “rapid, sustained, inclusive growth” to lift many Nigerians out of poverty.
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