The Federal Executive Council (FEC) Monday approved Nigeria’s full membership of the Asian Infrastructure Investment Bank (AIIB) with a non-regional status.
This was disclosed by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, while addressing State House correspondents at the end of the FEC meeting chaired by President Bola Ahmed Tinubu.
He said the decision to formalise Nigeria’s membership in the AIIB is aimed at boosting infrastructure development and promoting long-term economic growth.
“First of all and very specifically, 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.
He said although the AIIB is headquartered in Asia and primarily composed of Asian countries, it also accepts non-regional members.
He said Nigeria was initially invited to join in 2021 and has now completed the legal, administrative and financial processes required for membership.
“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,” he said.
The minister said Nigeria’s subscription includes 50 shares at a value of $100,000 per share, totaling $5 million.
The minister also spoke on the recent World Bank/IMF Spring Meetings in Washington DC, during Nigeria’s macroeconomic reform efforts under President Tinubu were affirmed by international partners.
He cited the IMF’s Article IV Consultation as evidence of growing confidence in the economy.
“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,” he said.
He said global ratings agency Fitch had recently upgraded Nigeria’s credit outlook from B- to B with a positive outlook, further validating the present administration’s reform agenda.
The minister said the present had reiterated his firm commitment to continue economic reforms, moving beyond stability towards “rapid, sustained, inclusive growth that will help lift Nigerians, in their millions, out of poverty.”