The Federal Executive Council (FEC) has approved Nigeria’s formal accession to the Asian Infrastructure Investment Bank (AIIB), following the presentation of a memorandum by the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun.
Mr. Edun, while addressing members of the Council during its meeting held on Monday in Abuja, confirmed that Nigeria will join the AIIB as a non-regional member. He noted that the decision aligns with the country’s strategic economic interest in accessing alternative sources of long-term infrastructure financing and strengthening partnerships with multilateral development institutions.
According to the Finance Minister, membership in the China-led development bank will unlock funding opportunities for critical infrastructure projects across Nigeria, particularly in energy, transport, water supply, and urban development. He explained that the move would also enhance Nigeria’s voice in global economic governance and deepen cooperation with Asian economies, which are pivotal to global trade and investment flows.
The AIIB, established in 2016 and headquartered in Beijing, currently has over 100 member countries, including several African nations such as Egypt, Ethiopia, and Ghana. The bank focuses on financing sustainable infrastructure and other development projects in Asia and beyond.
With Nigeria’s accession, the country is expected to benefit from concessional funding and technical assistance to support its infrastructure renewal efforts, a key pillar of President Bola Ahmed Tinubu’s economic reform agenda.
Council members unanimously endorsed the proposal, describing it as a forward-thinking step toward diversifying Nigeria’s development financing portfolio and accelerating the delivery of major infrastructure programmes critical to job creation and inclusive growth.
Following the FEC approval, the necessary documentation for Nigeria’s membership will be transmitted to the AIIB, after which the country will participate in its governance structure and be eligible for project financing and support under the bank’s lending programmes.
