Nigeria has officially become a full member of the Asian Infrastructure Investment Bank (AIIB), marking a significant step in its efforts to access broader international funding for infrastructure and economic growth.
The announcement was made following Monday’s Federal Executive Council (FEC) meeting in Abuja, where Minister of Finance and Coordinating Minister of the Economy, Wale Edun, presented the final documentation confirming Nigeria’s accession.
Originally invited to join the bank in 2021, Nigeria has now completed all legal, administrative, and financial obligations required for membership. The country’s entry into the multilateral development bank is expected to bolster access to financing for critical infrastructure projects.
“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 sustained economic growth in all its members,” Edun said.
Although the AIIB is headquartered in Beijing, the institution admits non-Asian countries that share its commitment to sustainable infrastructure expansion. Nigeria’s admission underscores a growing international consensus around the country’s reform efforts.
Edun also shared updates from the recent Spring Meetings of the World Bank and International Monetary Fund (IMF) in Washington, D.C., where global financial institutions expressed support for the economic reforms introduced under President Bola Ahmed Tinubu’s administration.
According to the minister, the IMF’s Article IV Consultation acknowledged Nigeria’s economic resilience and stability, even in the face of global trade pressures such as the introduction of reciprocal tariffs by the United States.
“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,” he explained.
As part of its membership obligations, Nigeria has subscribed to 50 shares in the AIIB, each valued at $100,000, for a total initial commitment of $5 million.
With its new status, Nigeria is now eligible to access AIIB financing for infrastructure projects spanning energy, transport, urban development, and more potentially accelerating its broader economic transformation agenda.
