A deal was struck last month by the Benin Dialogue Group (BDG) that would see "some of the most iconic pieces" in the historic collection returned on a temporary basis to form an exhibition at the new Benin Royal Museum in Edo State within three years.
Nigerian governments have sought their return since the country gained independence in 1960.
The agreement represents a breakthrough for the BDG, which was formed in 2007 to address restitution claims.
The group comprises of representatives of several European museums, the Royal Court of Benin, Edo State Government, and Nigeria's National Commission for Museums and Monuments.
The returns are contingent on the timely completion of a new Royal Museum, adjacent to the Royal Palace that once housed many of the bronzes.
|Benin bronzes on display at the British Museum in London which holds one of the world's largest collection of bronzes with around 700 pieces|
A spokesman for the British Museum said European museums would play an active role in developing an elite institution suitable for housing exhibits that are considered to be among the greatest ever African artworks.
"The key agenda item (at the October meeting) was how partners can work together to establish a museum in Benin City with a rotation of Benin works of art from a consortium of European museums," the spokesman said.
"The museums in attendance have all agreed to lend artifacts to the Benin Royal Museum on a rotating basis, to provide advice as requested on building and exhibition design, and to cooperate with the Nigerian partners in developing training, funding, and a legal framework for the display in a new planned museum."
Details about which pieces will be returned and how many are yet to be established. Dialogue is ongoing between the parties of the BDG, and the group is scheduled to meet again in Benin City next year. The present agreement notes that Nigerian partners have not ceded claims for permanent restitution, and officials remain determined to secure the bronzes on a permanent basis.
"We are grateful these steps are being taken but we hope they are only the first steps," Crusoe Osagie, spokesman for the Governor of Edo, told CNN. "If you have stolen property, you have to give it back."
Osagie called for greater pressure on European governments to return the bronzes.