Nigeria Joins Asian Infrastructure Investment Bank, Approves Cocoa Management Board
Key Economic Decisions by Federal Executive Council
The Federal Executive Council (FEC) has made two significant economic decisions that could reshape Nigeria’s infrastructure and agricultural sectors. These approvals were announced following the 25th FEC meeting under President Bola Tinubu’s administration.
Nigeria’s Membership in Asian Infrastructure Investment Bank
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, revealed that Nigeria has officially become a non-regional member of the Asian Infrastructure Investment Bank (AIIB). This move aims to boost infrastructure development and promote long-term economic growth.
“We’ve concluded the legal, administrative, and financial processes required for membership,” Edun stated. “Nigeria is now a fully fledged member of the AIIB, which is set up to promote infrastructure development and sustained economic growth.”
Nigeria’s membership includes:
- 50 shares valued at $100,000 per share
- Total subscription of $5 million
Economic Reforms Gain International Recognition
Edun also shared positive feedback from international partners during recent World Bank/IMF Spring Meetings:
- IMF’s Article IV Consultation showed growing confidence in Nigeria’s economy
- Fitch upgraded Nigeria’s credit outlook from B to B with positive outlook
“President Tinubu remains committed to moving beyond economic stability towards rapid, sustained, inclusive growth,” Edun emphasized.
National Cocoa Management Board Approved
In a separate development, the FEC approved a draft bill to establish the National Cocoa Management Board. The Minister of Agriculture and Food Security, Abubakar Kyari, explained this move aims to revitalize Nigeria’s cocoa sector.
“Cocoa is our highest non-oil revenue contributor to GDP,” Kyari noted. “However, we lag behind competitors like Cote d’Ivoire and Ghana, which both have national boards managing their cocoa industries.”
Structure of the Proposed Cocoa Board
The new board will include representatives from:
- Public and private sectors
- State governments (likely deputy governors)
- Cocoa research institutes
Kyari added: “This board will help improve production, processing, and marketing of cocoa nationwide, following successful models in neighboring countries.”
The approved bill will now be transmitted to the National Assembly through the Ministry of Justice for legislative action.
Full credit to the original publisher: The Citizen