The Federal Executive Council (FEC) on Wednesday granted approval for the additional share capital offered Nigeria by the International Bank for Reconstruction and Development (IBRD), an arm of the World Bank Group that provides cheap loans to middle-income developing countries.
Zainab Ahmed, Minister of Finance, Budget, and National Planning, while presenting a memo on the additional capital increase for Nigeria by the IBRD, said that prior to now, Nigeria had a share capital of 1,687 at the IBRD.
FEC approved the new capital increase which was earlier adopted in October 2018, raising Nigeria’s capital to 3,230 shares both for general and selected capital increase.
Briefing State House correspondents after the FEC meeting which is the fourth consecutive weekly FEC presided over by Vice President Yemi Osinbajo, Ahmed said the increase brings Nigeria’s share capital at the Bretton Woods institution to a total of $50,637,747.60.
The additional subscription is necessary to strengthen the country’s position in the global financial architecture, she said.
The minister also formally announced that Nigeria is now a middle-income country based on its Gross Domestic Product GDP of $397bn and per capita income of $1,960.
