European Bank Chief in Nigeria to Discuss FG’s Economic Priorities

By Adedapo Adesanya

European Bank for Reconstruction and Development (EBRD) President, Mrs Odile Renaud-Basso, is in Nigeria this week, meeting with senior government officials, including the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, to discuss government economic priorities and private-sector investment.

This marks her first visit to a sub-Saharan country since the bank shareholders’ historic decision to start investing in the region.

Nigeria became an EBRD shareholder and a country of operation in 2025, when the lender signed its first investment agreement in the country, to provide a trade financing facility to Access Bank, bringing the total number of EBRD shareholders to 77 at the time.

During her visit, President Renaud Basso will also meet representatives from the private sector and development partners.

According to a statement, the visit underscores the EBRD’s growing engagement in Nigeria and sub-Saharan Africa, and the lender’s commitment to supporting private sector development, sustainable infrastructure and economic resilience across the region.

President Renaud-Basso said, “I am very pleased to visit Nigeria at this pivotal moment. As the EBRD launches its activities in sub‑Saharan Africa, Nigeria stands out as a vibrant, high‑potential economy where our private‑sector‑focused model can make a real difference. We look forward to working closely with Nigerian partners to foster sustainable growth, deepen financial resilience and support the country’s development ambitions.”

The EBRD President will be joined by Mr Heike Harmgart, Managing Director for Sub-Saharan Africa, and Mr Hamza Al-Assad, EBRD Director of the Bank in Nigeria.

In Nigeria, the bank aims to invest in sustainable critical infrastructure that underpins private-sector development, to support the modernisation and efficiency of enterprises, and to strengthen the economic governance of institutions.

Nigeria’s membership followed a pivotal decision made at the EBRD’s 2023 Annual Meeting in Samarkand, Uzbekistan, where an amendment to the Agreement Establishing the EBRD was approved. The amendment permitted the gradual expansion of the bank’s operations to sub-Saharan Africa and Iraq, subject to formal ratification by the majority of EBRD shareholders.

The EBRD, in a statement in March last year, noted that, once the amendment takes effect, Nigeria could transition to a recipient country status. As a beneficiary, Nigeria gains access to the EBRD’s financial resources and policy support, fostering sustainable development.