EU-Backed Bank Picks Lagos for West Africa Debut

The European Bank for Reconstruction and Development (EBRD) is planting roots in West Africa—starting with Nigeria. The bank will open its first regional office in Lagos, a move seen as a clear endorsement of Nigeria’s emerging role in Africa’s economic future.

During a courtesy visit to the Presidential Villa in Abuja, Vice President Kashim Shettima welcomed the EBRD’s expansion into Nigeria, calling it a “symbolic and strategic development.” He stressed that the relationship between Nigeria and the European Union (EU) is more than transactional. “You are our natural partners and allies… we have a cultural affinity that goes back centuries,” Shettima said, referring to shared history and current mutual interests.

Nigeria became the 77th shareholder in the EBRD in February 2025. This followed the bank’s carefully phased expansion into sub-Saharan Africa, which was greenlit by its Board of Governors in 2023. The Lagos office marks the first physical step in that direction.

A New Phase of Openness

Vice President Shettima noted that under President Bola Tinubu’s leadership, Nigeria is undergoing significant economic reforms aimed at making the country more investor-friendly. “The opaque exchange rate regime and the fuel subsidy—President Tinubu had the courage to remove them,” he stated, asserting that many structural barriers are now being dismantled.

This new environment, he said, signals Nigeria’s readiness for global business. He believes that the opening of the EBRD office will amplify this message far beyond the country’s borders. “More than ever before, Nigeria is ready for business,” he added confidently.

But the Vice President also highlighted areas of non-economic cooperation. He praised the EU for its stabilisation and humanitarian efforts in Borno State, a region he once governed. “We will always stand by those who stood by us in our hours of need,” he said.

Migration was another key topic. Shettima acknowledged the importance of the EU-Nigeria Readmission Agreement and pushed for renewed investment in youth initiatives like the Nigeria Jubilee Fellows Programme. “There is a need for us to recalibrate the programme for the good of our young men and women,” he said.

EU Ambassador Gautier Mignot, who led the delegation, reaffirmed the bloc’s commitment to Nigeria. He pointed out that amid global instability, it’s essential for the EU to maintain dependable partnerships. “Nigeria is a key partner in the 21st century,” he said. He also underlined the EU’s alignment with the UN Charter, Sustainable Development Goals, and global gender equality efforts.

• 
  NITDA Signs Agreement with Japan firm for $51.2milion ProjectJune 20, 2025
• 
  SEC Says ₦8.6 Trillion in Investment Funds for Nigerian ChildrenMay 28, 2025
• 
  AfDB Grows Capital from $93 Billion to $318 BillionMay 26, 2025
• 
  Dangote Could Be $120bn Richer If He Chose TechMay 22, 2025
• 
  Danone Eyes Nigeria Growth While Others LeaveMay 19, 2025
• 
  NASD Eyes 2025 Growth with Real Estate Investment PlansMay 16, 2025