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Business Insider
06-05-2025
- Business
- Business Insider
Nigeria becomes 19th African country to gain full membership of the AIIB
Nigeria has officially secured full membership in the Asian Infrastructure Investment Bank (AIIB), following approval by the Federal Executive Council (FEC) in Abuja. Nigeria has secured full membership in the Asian Infrastructure Investment Bank (AIIB) The membership allows Nigeria to access global infrastructure financing and diversify its development funding sources. The AIIB, headquartered in Asia, supports sustainable infrastructure development and has a $100 billion capital base with global membership. The move positions Nigeria as a non-regional member of the Asian Infrastructure Investment Bank (AIIB), granting it broader access to global infrastructure financing and aligning with its strategic goals for economic growth and international investment partnerships. Nigeria's membership in the infrastructure bank makes it the 19th African country to bag full membership. As of 2021, Nigeria was listed as a prospective member. Having now completed the legal, administrative, and financial processes necessary for accession, the country has become a full member of the Asian Infrastructure Investment Bank. As of today, 22 African countries have been approved as members, with 19 holding full membership and 3 designated as prospective members. What Nigeria stands to benefit During the Federal Executive Council meeting at the State House in Abuja, Minister of Finance, Wale Edun highlighted the significance of this development, stating, " 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 generally sustained economic growth in all its members." Edun noted that despite the AIIB being headquartered in Asia, it welcomes non-regional members committed to sustainable infrastructure expansion. China's stake in the Asian Infrastructure Investment Bank (AIIB) is evident in its role as a top donor, giving it the largest voting share at 26.58%. India (7.59%), Russia (5.97%), Germany (4.15%), South Korea (3.49%), and Australia (3.45%) follow. As the U.S. pulls back from its donor role in Africa, China is expanding its influence through infrastructure financing across the continent. Nigeria's initial commitment involved subscribing to 50 shares valued at $100,000 each, totaling $5 million. Nigeria's accession to the Asian Infrastructure Investment Bank (AIIB) represents a strategic step in diversifying its development financing sources, especially as the United States moves to end contributions to the African Development Fund (ADF), a key arm of the African Development Bank. As one of Africa's largest economies, Nigeria stands to gain significantly from AIIB membership, both financially and geopolitically. This membership is expected to unlock financing opportunities for key infrastructure projects and accelerate economic transformation across various sectors. With a capital base of $100 billion and global membership, the AIIB offers Nigeria access to substantial funding for infrastructure, less dependent on Western political shifts. As of today, the AIIB has 19 African countries designated as full members, which include the following countries listed in the table below. S/N Country Membership Date 1 Algeria Dec 27, 2019 2 Benin May 25, 2020 3 Côte d'Ivoire Feb 26, 2020 4 Djibouti Sept 5, 2024 5 Egypt Aug 4, 2016 6 Ethiopia May 13, 2017 7 Ghana Feb 21, 2020 8 Guinea Jul 12, 2019 9 Kenya Sept 4, 2024 10 Liberia Jan 4, 2021 11 Libya Sep 12, 2023 12 Madagascar Jun 25, 2018 13 Morocco May 4, 2022 14 Rwanda Apr 16, 2020 15 South Africa Nov 24, 2023 16 Sudan Sep 13, 2018 17 Togo Dec 19, 2023 18 Tunisia Apr 29, 2022 19 Nigeria 2025 20 Tanzania Pending 21 Senegal Pending 22 Mauritana Pending Tanzania, Mauritania, and Senegal were still listed as prospective members according to information sourced from the bank's website.
Business Insider
28-04-2025
- Business
- Business Insider
U.S. considers investment in Africa's most ambitious gas pipeline project
The United States has expressed interest in investing in Africa's most ambitious gas pipeline project, which aims to connect Nigeria to Morocco. The United States is interested in investing in the Nigeria-Morocco gas pipeline project, aiming to connect Nigeria to Morocco Interest in the project was revealed during bilateral engagements at the 2025 Spring Meetings of the IMF and the World Bank Group in Washington, D.C. The pipeline project spans 5,660 kilometers and aims to connect West Africa to Europe via Morocco, with a total estimated cost of $25 billion The United State's interest in the Nigeria-Morocco gas pipeline project was revealed by Nigeria's Finance Minister, Wale Edun, who highlighted the potential for U.S. involvement in the initiative. According to The Cable, Minister Edun disclosed this in a statement outlining the outcomes of the ministry's bilateral engagements at the recently concluded 2025 Spring Meetings of the International Monetary Fund (IMF) and the World Bank Group in Washington, D.C. Minister Edun emphasized that during a high-level meeting with Central Bank Governor Olayemi Cardoso and representatives from the U.S. State Department, the U.S. highlighted the importance of showcasing Nigeria's economic reforms to attract investor confidence. 'Key areas of interest includes U.S. interest in investments in Nigeria's natural gas sector particularly the Nigeria-Morocco Gas Pipeline given the country's vast gas reserves, ' he noted. The Nigeria-Morroco gas pipeline project The Nigeria-Morocco gas pipeline project, one of Africa's most ambitious infrastructure initiatives, spans 5,660 kilometers and aims to connect West Africa to Europe via Morocco. Launched in December 2016 during King Mohammed VI's visit to Nigeria, this $25 billion project will link Nigeria to Morocco through 13 countries. Expected to enhance energy security for both coastal nations and the Alliance of Sahel States (ESA), the pipeline will become the world's longest offshore gas pipeline. In 2022, the Nigerian National Petroleum Company (NNPCL) and Morocco's ONHYM signed an agreement to begin construction, with contributions from ECOWAS, SMH of Tanzania, and Petrosen of Senegal, aiming to increase gas supply to Europe. Rival powers target Africa The rivalry between the U.S. and China over Africa's development is intensifying as both nations vie for involvement in critical projects across the continent. From mining to infrastructure, both countries have steadily expanded their influence over the years, seeking investments that align with their national interests. Earlier this year, the Nigeria-Morocco gas pipeline project gained significant strategic backing from Jingye Group, a prominent Chinese steel producer. Through its UK subsidiary, Jingye British Steel, the company plans to supply high-quality steel products essential for the pipeline's construction.
Zawya
25-04-2025
- Business
- Zawya
Nigeria targets 7% growth with private sector-led investment
Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun has wooed international investors to make Nigeria their destination of choice, highlighting the country's robust economic growth and potential for private sector investment. Speaking during the meeting with investors on the sidelines of the IMF/World Bank Spring Meetings in Washington DC, Edun highlighted the significant economic reforms introduced by President Bola Ahmed Tinubu's administration, aimed at driving robust economic growth. Mohammed Manga,Director, Information and Public Relations in a statement on Thursday quoted Edun as saying with a 3.8% growth recorded last year, the government is targeting 7% annual growth, driven by strategies to boost agricultural productivity, digital infrastructure, and oil production. He highlighted the government's commitment to creating an enabling business environment, citing recent reforms such as subsidy removal and market pricing of petroleum products. 'We believe we have started to lay the foundations for a strong, economically strong Nigeria that can attract private sector investment,' Edun stated. He informed that Nigeria offers vast opportunities for private sector investment and participation. 'We have huge opportunities to crowd in the private sector, particularly in infrastructure development, agriculture, and digitalization,' he maintained. At the meeting, which was also attended by Chairman Senate Committee on Finance, Distinguished Senator Mohammed Sani Musa; the Deputy Chairman of the House of Representatives Committee for Finance, Hon. Saidu Musa Abdullahi; the Governor of the Central Bank of Nigeria, Mr Olayemi Cardoso; the Permanent Secretary Federal Ministry of Finance Mrs Lydia Shehu Jafiya, the Special Adviser to the President on Finance and the Economy, Sayande Okoli as well as Director General of the Debt Management Office (DMO), Ms Patience Oniha, Edun emphasized that Nigeria is looking inward to navigate global economic uncertainties, leveraging its large African market and potential for manufacturing growth. With a focus on private sector-led growth, Nigeria is poised to achieve sustainable economic development, thus lifting millions of its citizens out of poverty.
Zawya
11-04-2025
- Business
- Zawya
Nigeria: Edun advocates accelerated customs reforms to strengthen intra-African trade
The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has called for accelerated customs reform across West and Central Africa, in a bold move to revamp regional trade and bolster economic resilience. This call to action was made at the opening of the Fourth Conference of Development Partners of the World Customs Organization for West and Central Africa (WCO-WCA) in Abuja, highlighting the need for deeper structural reforms to unlock the region's vast economic potential. Edun noted that intra-regional trade accounts for just 12 percent of the region's total trade, despite a combined population of 450 million and a GDP approaching $1 trillion. While the Nigerian Customs Service recorded a 90 percent year-on-year revenue increase and exceeded government targets by 20 percent, he highlighted the need to build on this momentum through deeper structural reforms. The Minister reaffirmed Nigeria's commitment to modernisation, citing the forthcoming Single Window Project expected in early 2026, and urged broader adoption of World Customs Organization instruments such as the Authorised Economic Operators programme and the Advanced Ruling system. He also emphasised the importance of donor coordination and long-term technical assistance to support sustainable reform. Many of the initiatives, Edun noted, are supported by concessional World Bank loans already reflected in the national budget and borrowing plan. The two-day conference brought together customs leaders, donors, and trade experts to align on regional strategies for enhancing trade facilitation and economic integration. Mohammed Manga,Director, Information and Public Relations, said as the region moves forward, one thing is clear: accelerated customs reform is a critical step towards unlocking West Africa's vast economic potential. With the right policies and partnerships in place, the region can unlock new opportunities for growth, trade, and economic resilience. He added that thus, the Fourth Conference of Development Partners of the World Customs Organization for West and Central Africa serves as a timely platform for stakeholders to align on regional strategies and drive progress towards a more prosperous and integrated West Africa.
Zawya
21-03-2025
- Business
- Zawya
Standard Chartered Bank lauds Nigeria's economic reforms
In a resounding endorsement of Nigeria's bold economic transformation, a high-powered delegation from Standard Chartered Bank has commended the country's sweeping reforms, paving the way for a new era of investment and growth. During a meeting with the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, in his office in Abuja, the delegation praised Nigeria's economic reforms, describing them as 'extraordinary' highlighting key measures such as the removal of fuel subsidies and market liberalization. Investor confidence in Nigeria's debt market featured prominently in discussions, with participants noting renewed appetite for both Eurobonds and local debt instruments. Edun highlighted the country's improving fiscal health, citing a significant reduction in the budget deficit and ongoing efforts to stabilise the economy, control inflation, and lower interest rates. Nigeria's economy, he noted, is growing at 3.84 per cent, with a target of 7 per cent needed for substantial poverty reduction and job creation. The delegation also praised President Bola Tinubu's engagement with international financial institutions and development agencies, noting that Nigeria's proactive approach to economic partnerships is fostering a more stable and investment-friendly environment. Mohammed Manga, Director, Information and Public Relations said as Nigeria continues to cement its position as a beacon of economic resilience and reform, the partnership between the government and Standard Chartered Bank is poised to unlock new opportunities, foster innovation, and propel the nation towards a brighter, more prosperous future. © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. ( by Joseph Inokotong
