Nigeria has officially become a full member of the Asian Infrastructure Investment Bank (AIIB).
The announcement was made following the Federal Executive Council (FEC) meeting held on Monday in Abuja.
During the meeting, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, presented a memorandum confirming the development, highlighting its significance for advancing infrastructure and fostering economic growth.
Initially invited to join the AIIB in 2021, Nigeria has now completed all the necessary legal, administrative, and financial steps for membership.
Edun noted that while the AIIB is based in Asia, it also includes non-regional members dedicated to supporting sustainable infrastructure development.
“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.