May 06, (THEWILL) – The Federal Executive Council (FEC) has approved Nigeria’s membership of the Asian Infrastructure Investment Bank (AIIB) and the subscription of 50 shares valued at $5 million in the multilateral institution.
The Minister of Finance, Wale Edun, who disclosed this to newsmen, said Nigeria’s non-regional membership of the AIIB, now raised the number of African countries in the Bank to 20, including 11 full members and nine prospective members.
He said the AIIB approved Nigeria’s membership of the Multilateral Development Bank in 2021 at its Sixth Annual Meeting, an action that needed the ratification of the nation’s highest policy-making body, the FEC.
“The approval was that we should subscribe up to 50 shares of the capital stock within AIIB. It is a major requirement by the AIIB that once admitted, prospective members are expected to complete the required membership procedures and deposit the first capital instalment with the Bank”, he added.
With the full ratification of membership of the AIIB, Nigeria stands the chance to benefit from a broad plan by the bank, which recently announced to allocate $1 billion to projects across Africa aimed at enhancing connectivity and stimulating growth.
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