Nigeria Joins Asian Infrastructure Investment Bank

Having become a partner of the BRICS in January, Nigeria has now taken the next step and accepted an outstanding (since 2021) invitation to join the Asian Infrastructure Investment Bank (AIIB). Beyond the technicalities (reportedly paying $5 million for 50 shares), Nigeria’s decision continues a process of further opening up to the East—specifically China—even as it shows no desire to break with the IMF. Nigerian President Bola Ahmed Tinubu continues to read from the IMF playbook, even as the country is racked with 30% inflation, even to the point of starvation in the streets.