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Daniel Adaji
Nigeria has subscribed $5m to become a full member of the Asian Infrastructure Investment Bank (AIIB), following approval by the Federal Executive Council (FEC) during its meeting in Abuja on Monday.
The subscription covers 50 shares at $100,000 each, formalizing Nigeria’s entry into the multilateral development bank. With this move, Nigeria gains access to funding for critical infrastructure projects and positions itself to benefit from global development partnerships.
“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,” said Wale Edun, Minister of Finance and Coordinating Minister of the Economy.
Edun presented the membership memorandum to the FEC, highlighting the economic advantages of joining the bank, which supports sustainable infrastructure expansion across member countries—including non-regional members like Nigeria.
Speaking at the State House in Abuja, Edun emphasised that Nigeria’s membership aligns with the government’s commitment to long-term development and economic growth.
“It is the resilience that has been created by the macroeconomic reforms that stabilized the economy that has allowed us to cope with the recent introduction of reciprocal tariffs in America and the turbulence that has caused,” he added.
The minister also referenced the recent World Bank/IMF Spring Meetings in Washington, D.C., where international institutions acknowledged Nigeria’s macroeconomic reforms under President Bola Tinubu’s administration.
The International Monetary Fund (IMF), through its Article IV Consultation, praised Nigeria’s stability despite external shocks.
In a further vote of confidence, Fitch Ratings recently upgraded Nigeria’s credit outlook from B- to B, citing stronger fiscal management and positive growth projections.
With AIIB membership secured, Nigeria is expected to strengthen its infrastructure base, attract global investment, and reinforce international confidence in its reform agenda.