*Commits $280m in first year of operations
Nume Ekeghe
The European Bank for Reconstruction and Development (EBRD) yesterday announced plans to invest at least $1.5 billion in Nigeria over the next three years, following the country’s admission as a shareholder of the multilateral lender in July 2025.The bank also disclosed that it had already committed $280 million to investments in Nigeria within its first year of operations.
The lender further said Nigeria’s power sector presents both one of the country’s biggest development challenges and one of its largest investment opportunities, pointing out that resolving longstanding electricity constraints would reduce operating costs for businesses, improve productivity and unlock greater private sector investment across the economy.
The Managing Director, Sub Saharan Africa (SSA), EBRD, Heike Harmgart, disclosed this during a media chat following the opening of the European bank’s Lagos office, its first in SSA.She reiterated that EBRD was encouraged by the pace of opportunities in Nigeria and expected investments to accelerate as its local operations expand.
