..As FG, BOA holds talks on fiscal trajectory
Nigeria has become the 77th member of the European Bank for Reconstruction and Development (EBRD), marking a significant milestone in the country’s efforts to strengthen its economy and attract foreign investments.
The EBRD, an international financial institution established in 1991, supports economic development, private sector growth, and infrastructure investments in emerging markets. It also focuses on financing projects in energy, financial institutions, SMEs, and infrastructure.
Wale Edun, Minister of Finance and Coordinating Minister of the Economy, received Nigeria’s membership certificate when an EBRD delegation, led by Heike Harmgart- Managing Director for Sub-Saharan Africa, EBRD, visited him in Abuja.
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The presentation witnessed discussions on future collaborations.
The delegation conducted 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.
While welcoming the membership, Edun emphasised the President Tinubu’s macroeconomic reforms, including fuel subsidy removal, fiscal deficit reduction, exchange rate stability, and tax reforms to attract investment.
He highlighted Nigeria’s potential as a regional production hub, with growth targets set to reach 7% annually.
The EBRD membership provides access to significant funding for infrastructure development, private sector growth, and economic reforms. This is particularly beneficial for countries looking to address infrastructure deficits and support sustainable development
Edun equally met with a delegation of investors led by Bank of America (BoA) to discuss the country’s macroeconomic outlook and fiscal trajectory.
The meeting focused on how Nigeria could unlock its vast potential and become the continent’s premier investment destination.
During the meeting, which also held in Abuja, the Minister equally highlighted key economic reforms, including market-driven foreign exchange and PMS pricing, which have boosted petroleum production, improved investment appeal, and generated substantial fiscal savings.
He reassured investors that Nigeria’s economy is on a steady growth path, with easing inflation, stabilising prices, and strengthening fiscal sustainability—reinforcing confidence in the country’s investment climate.
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Speaking earlier on behalf of the delegation, Tatonga Rusike, Director Sub-Saharan Africa Economist, Bank of America, acknowledged the reduction in Nigeria’s budget deficit and commended the country’s economic progress.
Rusike noted that policy reforms and fiscal discipline have enhanced investor confidence in the country’s long-term growth potential.
