Nigeria Deepens EU Ties, Becomes 77th Shareholder Of European Bank For Reconstruction and Development
In a major stride towards strengthening its global partnerships, Nigeria has formally joined the European Bank for Reconstruction and Development (EBRD) as its 77th shareholder, a move expected to bolster economic cooperation, attract investment, and enhance regional development.
Announcing the development in Abuja, Minister of Foreign Affairs, Yusuf Tuggar, said Nigeria’s accession to the EBRD marks a significant milestone in its relationship with the European Union (EU), describing the bloc as the country’s largest trading partner with trade volumes reaching €31.8 billion.
Tuggar emphasised that the collaboration aligns with President Bola Ahmed Tinubu’s economic priorities — particularly food security, job creation, and regional market integration.
He noted that with Nigeria’s population projected to soar to 400 million by 2050, partnerships like this are vital for sustaining growth and ensuring long-term stability.
“Nigeria sees the European Union as a model for regional integration and will continue to strengthen cooperation across key sectors,” Tuggar stated.
EU Parliament Reaffirms Strategic Alliance
Speaking during the visit of a six-member delegation from the European Parliament’s Foreign Affairs Committee, led by David McAllister, the EU side reaffirmed its commitment to deeper collaboration with Nigeria.
McAllister described Nigeria as a “strategic partner” and a “major political and economic power in West Africa,” noting that the EU values its relationship with the country, built on mutual respect and shared democratic values.
He explained that the delegation’s visit was to better understand developments across Africa, especially in ECOWAS and the Sahel region, and to engage with Nigeria ahead of the upcoming EU-Africa Summit in Angola this November.
“Europe recognises Nigeria’s central role in shaping Africa’s future,” McAllister said. “Our partnership is not only about trade but also about fostering peace, prosperity, and sustainable development across the continent.”
With Nigeria’s new status at the EBRD and its expanding cooperation with the EU, experts say the country is positioning itself as a pivotal force in driving Africa’s economic transformation and regional integration.
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