diff --git a/openfeature/api.py b/openfeature/api.py
index db9e1476..902e8b3b 100644
--- a/openfeature/api.py
+++ b/openfeature/api.py
@@ -25,7 +25,10 @@ def set_provider(provider: AbstractProvider):
     global _provider
     if provider is None:
         raise GeneralError(error_message="No provider")
+    if _provider:
+        _provider.shutdown()
     _provider = provider
+    provider.initialize(_evaluation_context)
 
 
 def get_provider() -> typing.Optional[AbstractProvider]:
@@ -63,3 +66,7 @@ def clear_hooks():
 def get_hooks() -> typing.List[Hook]:
     global _hooks
     return _hooks
+
+
+def shutdown():
+    _provider.shutdown()
diff --git a/openfeature/provider/provider.py b/openfeature/provider/provider.py
index 6a59e9cf..73ce37b5 100644
--- a/openfeature/provider/provider.py
+++ b/openfeature/provider/provider.py
@@ -8,6 +8,12 @@
 
 
 class AbstractProvider:
+    def initialize(self, evaluation_context: EvaluationContext):
+        pass
+
+    def shutdown(self):
+        pass
+
     @abstractmethod
     def get_metadata(self) -> Metadata:
         pass
diff --git a/tests/test_api.py b/tests/test_api.py
index 5ffc823f..040db910 100644
--- a/tests/test_api.py
+++ b/tests/test_api.py
@@ -12,12 +12,14 @@
     get_provider_metadata,
     set_evaluation_context,
     set_provider,
+    shutdown,
 )
 from openfeature.evaluation_context import EvaluationContext
 from openfeature.exception import ErrorCode, GeneralError
 from openfeature.hook import Hook
 from openfeature.provider.metadata import Metadata
 from openfeature.provider.no_op_provider import NoOpProvider
+from openfeature.provider.provider import AbstractProvider
 
 
 def test_should_not_raise_exception_with_noop_client():
@@ -56,6 +58,32 @@ def test_should_try_set_provider_and_fail_if_none_provided():
     assert ge.value.error_code == ErrorCode.GENERAL
 
 
+def test_should_invoke_provider_initialize_function_on_newly_registered_provider():
+    # Given
+    evaluation_context = EvaluationContext("targeting_key", {"attr1": "val1"})
+    provider = MagicMock(spec=AbstractProvider)
+
+    # When
+    set_evaluation_context(evaluation_context)
+    set_provider(provider)
+
+    # Then
+    provider.initialize.assert_called_with(evaluation_context)
+
+
+def test_should_invoke_provider_shutdown_function_once_provider_is_no_longer_in_use():
+    # Given
+    provider_1 = MagicMock(spec=AbstractProvider)
+    provider_2 = MagicMock(spec=AbstractProvider)
+
+    # When
+    set_provider(provider_1)
+    set_provider(provider_2)
+
+    # Then
+    assert provider_1.shutdown.called
+
+
 def test_should_return_a_provider_if_setup_correctly():
     # Given
     set_provider(NoOpProvider())
@@ -116,3 +144,15 @@ def test_should_add_hooks_to_api_hooks():
 
     # Then
     assert get_hooks() == [hook_1, hook_2]
+
+
+def test_should_call_provider_shutdown_on_api_shutdown():
+    # Given
+    provider = MagicMock(spec=AbstractProvider)
+    set_provider(provider)
+
+    # When
+    shutdown()
+
+    # Then
+    assert provider.shutdown.called