The Asian Infrastructure Investment Bank (AIIB) has approved the application of Nigeria to join the Bank. AIIB now has 11 members and nine prospective members from Africa.

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.

New estimates by the African Development Bank suggest the continent’s infrastructure needs amount to USD130-170 billion a year, with a financing gap in the range of USD69-108 billion.

“As a multilateral development bank committed to financially sustainable lending practices, AIIB offers African members access to affordable capital and infrastructure expertise to help address this gap,” said AIIB Vice President and Corporate Secretary Ludger Schuknecht. “We look forward to forging stronger bonds with our new members in Africa to work together to achieve long-term sustainable development. AIIB has become a Bank that connects Asia to the world.”

Prospective members, including Nigeria, will officially join AIIB once they complete the required membership procedures and deposit the first capital installment with the Bank.

AIIB has begun to finance projects on the African continent, with a recent approval of a USD100-million loan to Rwanda to increase access to finance for businesses affected by COVID-19 and build post-pandemic economic resilience. AIIB’s Board of Governors approved the resolution on Nigeria’s admission during the Bank’s sixth Annual Meeting virtually hosted by the United Arab Emirates.