FEC approves Nigeria's membership of Asian Infrastructure Bank
The Council also endorsed a bill to establish the National Cocoa Management Board, signalling a renewed commitment to reviving Nigeria's cocoa industry.
Briefing journalists after the meeting, which was presided over by President Bola Tinubu at the Presidential Villa in Abuja, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, described the AIIB decision as a strategic step in Nigeria's international economic engagement.
'Council approved Nigeria's membership of the Asian Infrastructure Investment Bank as a non-regional member. Though headquartered in Asia and largely made up of Asian countries, the AIIB also welcomes non-regional members like Nigeria,' Edun said.
He explained that Nigeria had received an invitation to join the multilateral development bank in 2021 and had now completed all legal, administrative, and financial requirements. Nigeria's subscription includes 50 shares valued at $100,000 each, amounting to a total commitment of $5 million.
'This bank supports infrastructure and economic development projects. Our membership gives us access to financing and partnership opportunities that align with our Renewed Hope Agenda,' Edun added.
The Finance Minister also shared updates from the recent IMF/World Bank Spring Meetings in Washington D.C., noting that international partners had commended Nigeria's ongoing economic reforms. He pointed to the IMF's Article IV Consultation report and Fitch's recent upgrade of Nigeria's credit outlook from 'B-' to 'B with a positive outlook' as indicators of international confidence.
According to him, President Tinubu reaffirmed the government's resolve to shift from economic stabilisation to rapid and inclusive growth capable of lifting millions out of poverty.
In a related development, the Minister of Agriculture and Food Security, Abubakar Kyari, announced that the FEC had approved the transmission of a draft bill to the National Assembly to establish the National Cocoa Management Board.
Kyari noted that cocoa remains Nigeria's most valuable non-oil foreign exchange earner, but stated that the country continues to lag behind top producers such as Ghana and Côte d'Ivoire, both of which have national boards overseeing their cocoa industries.
'We are following the model of Ghana and Côte d'Ivoire. These countries have robust regulatory structures for their cocoa sectors. Through our engagement with them, we realised the importance of having a national board in place to coordinate production, processing, and marketing,' Kyari said.
Ahead of the decision, the Ministry had constituted a Cocoa Management Committee to explore the feasibility of establishing a board. Its findings informed the draft bill now approved by the Council for legislative consideration.
Kyari stated that the proposed board would include representatives from federal and state governments, the private sector, and research institutions, including deputy governors from cocoa-producing states and the Cocoa Research Institute of Nigeria.
'The goal is to strengthen the entire cocoa value chain and restore Nigeria's global standing as a major cocoa producer,' he added.
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