FEC Ratifies Nigeria’s Membership of Asian Infrastructure Bank

The Federal Executive Council (FEC) has ratified Nigeria’s membership in the Asian Infrastructure Investment Bank (AIIB), a China-headquartered multilateral financial institution focused on infrastructure financing across member countries.

Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who made this known while briefing State House correspondents after the FEC meeting presided over by President Bola Tinubu, said the move positions Nigeria to tap into some of the cheapest and most accessible global development funds.

According to Edun, Nigeria had completed the legal, administrative, and financial requirements to become a non-regional bank member, following its invitation in 2021. With Monday’s ratification, Nigeria now holds 50 shares in the AIIB, valued at $5 million.

“The approval was that we should subscribe up to 50 shares of the capital stock within AIIB, each share carrying a value of $100,000,” Edun explained.

The Minister said the AIIB membership aligns with Nigeria’s broader economic goals of improving infrastructure and attracting development funding to spur growth.

Edun also provided updates on Nigeria’s economic outlook, stating that the Tinubu administration remains committed to the ongoing macroeconomic reforms, which he said are already yielding encouraging results.

“The economy is turning the corner,” he said, citing recent feedback from the International Monetary Fund (IMF), World Bank, and credit rating agency Fitch, which upgraded Nigeria’s outlook from B- to B with an optimistic forecast.

He noted that despite global economic turbulence, Nigeria’s reforms—especially the removal of fuel subsidies and exchange rate harmonisation—have created the resilience needed to withstand external shocks such as the recent reciprocal tariffs imposed by the United States.

“We got strong affirmation that Nigeria is on the right track. The multilateral institutions, financiers, and global leaders supported the reforms,” Edun added.

He assured President Tinubu’s administration is focused on stabilising the economy and is determined to achieve “rapid, sustained, and inclusive growth that will lift millions of Nigerians out of poverty.”