European Bank to Open First West African Office in Lagos to Boost Nigeria’s FDI
- The European Bank for Reconstruction and Development (EBRD) has unveiled plans to establish its office in Nigeria
- The bank’s proposed Lagos office will be the first in West Africa as it pushes into Sub-Saharan Africa
- Vice President Kashim Shettima lauded the EU delegation to Nigeria, saying the move positions Nigeria as an investment destination on the continent
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
To boost Nigeria’s investment profile, the European Bank for Reconstruction and Development (EBRD) has announced plans to open its first West African office in Lagos.
The development was disclosed during a visit to the State House by the Head of the European Union delegation to Nigeria and ECOWAS.
Source: Getty Images
EU explains the reason to site a bank in Nigeria
Nigeria official became the bank’s 77th shareholder in February this year after its limited and incremental growth in sub-Saharan Africa was approved by the bank’s Board of Governors in 2023.
According to reports, Nigeria’s Vice President, Kashim Shettima, described the move as a powerful symbol of confidence in President Bola Tinubu’s economic reforms and the country’s growing global appeal as a choice destination for investors.
Shettima applauded the EU’s support, expressing gratitude for its humanitarian and stabilisation efforts in conflict-affected areas of the country.
A statement by the Senior Special Assistant to the President on Media and Communications, Office of the Vice President, Stanley Nkwocha, said the Vice President praised the EU’s support, stressing the growing opportunities for cooperation in trade, investment, and youth empowerment.
FG praises the EU’s decision
Shettima said the EU is Nigeria’s natural partner beyond geography, which binds them culturally.
He noted that Nigeria is entering into a new phase of economic openness under Tinubu’s administration.
The Vice President said the bank’s expansion of its Lagos office is strategic for the development of both parties.
The Nation reports that Shettima said there is a need to recalibrate the EU-Nigeria Readmission Agreement, calling for the revitalisation of youth-centric schemes such as the Nigeria Jubilee Fellows Programme (NJFP).
EU affirms support for Nigeria’s development
Mignot, the EU’s head of delegation, said that all the EU ambassadors in Nigeria have met and reaffirmed their collaboration with Nigeria.
He said the economic bloc is a strong supporter of the UN Charter, Sustainable Development Goals, and global gender equality initiatives.
The ERBD’s proposed office in Nigeria comes as the country won the bid to host the Africa Energy Bank (AEB).
Nigeria to host Africa Energy Bank
Ahmed Farouk, the chief executive officer (CEO) of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), has hinted that the Africa Energy Bank's operations will soon begin in Nigeria.
The NMDPRA’s boss informed industry players at the opening of the 18th edition of the Oil Trading and Logistics (OTL) conference in Lagos that plans were in place to establish a continental bank to provide the necessary funding to fast-track the growth of Africa's energy supply infrastructure.
Source: Getty Images
The new Africa Energy Bank is a significant collaborative success that will assist the continent in its journey to a sustainable and equitable energy transition.
Nigeria's newest commercial bank announces a job opportunity
Legit.ng earlier reported that Nova Bank, Nigeria's newest commercial bank, has announced it is accepting applications from qualified Nigerian graduates for its graduate trainee program.
The programme offers graduates a pathway into the organisation and a banking career.
The bank announced the new opportunity in a statement published on its website and obtained by Legit.ng.
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Source: Legit.ng
