The Federal Executive Council (FEC), on Monday, approved Nigeria’s subscription of 50 shares valued at $ 5 million in the Asian Infrastructure Investment Bank (AIIB), after ratifying the nation’s membership of the multilateral institution.
Nigeria’s membership of the AIIB has grown the number of African countries in the Bank to 20, including 11 full members and nine prospective members.
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, FEC.
Reports indicate that AIIB’s approved African members are responsible for over 60 percent of the continent’s gross domestic product and represent over 46 percent of Africa’s population.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun told State House correspondents at a briefing on Wednesday that the FEC presided by President Bola Tinubu, approved for Nigeria to subscribe 50 shares at an earning power value of $100,000 per share, in the multilateral investment Bank.
“You have 50 shares, at an earning power value of $100, 000 a share., totaling $ 5 million.
“The approval was that we should subscribe up to 50 shares of the capital stock within AIIB,” the Finance Minister said.
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 installment with the Bank.
With the full ratification of membership of the AIIB, Nigeria stands a good 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.
