Nigeria Becomes 19th African Country to Join Asia Infrastructure Investment Bank (AIIB)
On 5 May 2025, the Federal Executive Council of Nigeria ratified the full membership of Nigeria the Asia Infrastructure Investment Bank (AIIB). The membership opens up new avenues of financing for Nigeria through a diversification of its sources of capital.
Nigeria was first admitted as a ‘prospective member’ in October 2021. Nigeria has now completed the legal, administrative and financial processes necessary to graduate from prospective to full member. Taking into account Nigeria, 19 African countries hold full membership in AIIB, while 3 countries are prospective members.
| No. | Country | Membership |
|---|---|---|
| 1 | Algeria | Full Member on 21 Dec 2019 |
| 2 | Benin | Full Member on 25 May 2020 |
| 3 | Cote d’Ivoire | Full Member on 26 Feb 2020 |
| 4 | Djibouti | Full Member on 5 Sep 2024 |
| 5 | Egypt | Full Member on 4 Aug 2016 |
| 6 | Ethiopia | Full Member on 13 May 2017 |
| 7 | Ghana | Full Member on 21 Feb 2020 |
| 8 | Guinea | Full Member on 12 Jul 2019 |
| 9 | Kenya | Full Member on 4 Sep 2024 |
| 10 | Liberia | Full Member on 4 Jan 2021 |
| 11 | Libya | Full Member on 12 Sep 2023 |
| 12 | Madagascar | Full Member on 26 Jun 2018 |
| 13 | Morocco | Full Member on 4 May 2022 |
| 14 | Nigeria | Upgraded to Full Member on 5 May 2025 |
| 15 | Rwanda | Full Member on 16 Apr 2020 |
| 16 | South Africa | Full Member on 24 Nov 2023 |
| 17 | Sudan | Full Member on 13 Seep 2018 |
| 18 | Togo | Full Member on 19 Dec 2023 |
| 19 | Tunisia | Full Member on 29 Apr 2022 |
| 20 | Mauritania | Prospective Member |
| 21 | Senegal | Prospective Member |
| 22 | Tanzania | Prospective Member |
Initially designed to focus on financing infrastructure development in Asia, the AIIB has grown and enlarged its scope to support sustainable infrastructure development across the globe. The top shareholders n AIIB a China (26.58%), India (7.59%), Russia (5.97%), Germany (4.15%), South Korea (3.49%), and Australia (3.45%).
Nigeria has subscribed to 50 shares valued at USD 100,000 each, amounting to USD 5 million. The total capital base of AIIB is USD 100 billion and the bank enjoys a triple-A rating from major international rating agencies. Moreover, the loan approval process at AIIB is perceived as being more flexible and faster, compared to established multilateral development banks (MDB), making it somewhat more attractive to Africa and the #GlobalSouth, in general.
Thus, Rwanda received a USD 200 million loan to develop the Bugesera International Airport. Cote d’Ivoire received a USD 200 million loan to improve connectivity infrastructure in rural regions. AIIB also pledged approximately USD one billon to enhance electricity access across Africa as part of the #M300 program.
The entry of Nigeria coincides with the withdrawal of the US from African Development Bank (AfDB). In a world with increased uncertainty and shifting allegiances, Nigeria has taken the wise decision to ‘look around for more options.’