FEC okays Nigeria’s membership of Asian Infrastructure Bank

FEC okays Nigeria’s membership of Asian Infrastructure Bank

The Federal Executive Council (FEC) yesterday approved Nigeria’s full membership of the Asian Infrastructure Investment Bank (AIIB) as a non-regional member, marking a significant milestone in the country’s international economic engagement.

The Council also approved the transmission of a bill to the National Assembly to establish the National Cocoa Management Board, in a bid to revitalise the cocoa sector.

Speaking to journalists at the State House, Abuja, after the FEC meeting presided over by President Bola Ahmed Tinubu, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, 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,” Edun said.

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He explained that although the AIIB is headquartered in Asia and primarily composed of Asian countries, it also accepts non-regional members.

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.

Nigeria’s subscription includes 50 shares at a value of $100,000 per share, totaling $5 million.

Edun also provided insights from the recent World Bank/IMF Spring Meetings in Washington DC, during which he said Nigeria’s macroeconomic reform efforts under President Tinubu were affirmed by international partners.

FEC okays Nigeria’s membership of Asian Infrastructure Bank