Nigeria Joins Asian Infrastructure Investment Bank, Secures Global Endorsements at FEC Meeting By Raymond Enoch
In a significant stride towards enhancing Nigeria’s global economic standing, the Federal Executive Council (FEC) convened today under the leadership of President Bola Ahmed Tinubu. The meeting underscored the administration’s commitment to macroeconomic reforms and international collaboration.
A pivotal development was Nigeria’s formal accession to the Asian Infrastructure Investment Bank (AIIB) as a non-regional member. The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, presented a memorandum confirming the nation’s membership. This move positions Nigeria to benefit from AIIB’s infrastructure development initiatives, fostering sustainable economic growth.
Further affirming Nigeria’s economic trajectory, Mr. Edun highlighted positive outcomes from the recent IMF/World Bank Spring Meetings. Notably, Fitch Ratings upgraded Nigeria’s credit rating from ‘B-‘ to ‘B’ with a positive outlook, signaling growing investor confidence. Additionally, the IMF’s Article IV consultations commended the nation’s macroeconomic reforms, emphasizing their role in stabilizing the economy amidst global trade challenges.
President Tinubu reiterated the administration’s dedication to advancing macroeconomic reforms, aiming for rapid, sustained, and inclusive growth to uplift millions of Nigerians from poverty. These developments reflect a concerted effort to integrate Nigeria more deeply into the global economic framework, attracting international support and investment.
The FEC’s decisions today mark a significant step in Nigeria’s journey towards economic revitalization and global economic integration
