ABUJA, Nigeria – Nigeria has officially joined the Asian Infrastructure Investment Bank (AIIB) as a nonregional member, following the completion of all formal, legal, and administrative processes, including share payments.

The confirmation was presented by Minister of Finance and Coordinating Minister of the Economy, Wale Edun, during the Federal Executive Council meeting on Tuesday. He noted that Nigeria was invited to join the multilateral bank in 2021.

“We are now 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.

Since 2021, Nigeria has participated in the AIIB’s International Advisory Panel (IAP), represented by Omobola Johnson, former Minister of Communication Technology. The IAP provides guidance on the bank’s strategic direction and operational framework.

Headquartered in Beijing, China, the AIIB commenced operations in January 2016. With 103 approved members and a capitalization of $100 billion, the bank is rated triple-A by major global credit rating agencies.

Its focus is on financing sustainable infrastructure projects across the globe.

Boost for Infrastructure and Growth

Nigeria’s membership grants it access to long-term, low-interest funding for infrastructure in sectors such as energy, transport, and urban development.

This comes at a time when the country is seeking to bridge its significant infrastructure gap.

The move could reduce pressure on public finances, draw international co-investment, and support job creation and improved service delivery.

It also aligns with broader economic reforms, including recent fiscal consolidation efforts that led to a credit rating upgrade by Fitch Ratings ahead of the 2024 IMF/World Bank Spring Meetings.

If effectively managed, the AIIB partnership could strengthen Nigeria’s infrastructure base and accelerate its growth trajectory.