The Federal Executive Council (FEC) has approved Nigeria’s full membership in the Asian Infrastructure Investment Bank (AIIB) as a non-regional member, marking a significant step in the country’s global economic engagement strategy.
Speaking to State House correspondents following the FEC meeting presided over by President Bola Ahmed Tinubu, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, explained that the move is aimed at enhancing infrastructure development and supporting Nigeria’s long-term economic growth.
Edun stated that Nigeria has now completed all legal, administrative, and financial requirements to become a full member of the AIIB. While the bank is primarily composed of Asian nations, it also admits non-regional countries, such as Nigeria.
“Today, I presented a memo to the Federal Executive Council seeking approval for Nigeria’s membership of the Asian Infrastructure Investment Bank as a non-regional member,” Edun said.
He added that Nigeria was first invited to join the AIIB in 2021 and has now finalised all formal procedures, paving the way for access to affordable development financing.
“We are now fully-fledged members of the AIIB, a bank established to promote infrastructure development and sustained economic growth among its members,” he noted.
Nigeria’s subscription consists of 50 shares valued at $100,000 each, amounting to a total investment of $5 million.
Update on Spring Meetings and Economic Reform Progress
Edun also addressed Nigeria’s participation at the recent Spring Meetings of the World Bank and the International Monetary Fund (IMF) in Washington, D.C., where he said the country’s macroeconomic reforms under President Tinubu were positively received.
He cited the IMF’s 2025 Article IV Consultation as evidence of international confidence in Nigeria’s reform trajectory, particularly in stabilising the economy and boosting resilience amid global uncertainty.
“This resilience, built through macroeconomic reforms, has enabled Nigeria to withstand external shocks, including reciprocal tariffs recently introduced by the United States,” Edun remarked.
The minister further highlighted that global ratings agency Fitch recently upgraded Nigeria’s credit rating from B- to B, with a positive outlook. This reflects growing investor confidence in the government’s policy direction and economic management.
The AIIB is the second-largest multilateral development bank globally and is dedicated to financing sustainable infrastructure and development projects across Asia and beyond. Nigeria’s membership is expected to strengthen its capacity to attract international funding for critical infrastructure projects that support economic and social development.
