Lagos has been selected as the location for the European Bank for Reconstruction and Development’s (EBRD) first office in West Africa, marking a significant step in the bank’s expansion into sub-Saharan Africa.
The announcement was made during a courtesy visit to the State House in Abuja by Ambassador Gautier Mignot, Head of the European Union Delegation to Nigeria and ECOWAS. Nigeria became the EBRD’s 77th shareholder in February, following the bank’s gradual extension into Africa, as approved by its Board of Governors in 2023.
Vice President Kashim Shettima, who received the delegation, welcomed the development as a major boost to Nigeria’s investment climate and international partnerships. He described the move as a clear endorsement of President Bola Ahmed Tinubu’s economic reforms.
“This is a strong signal of confidence in the President’s bold policy decisions and in Nigeria’s attractiveness to foreign investors,” Shettima said in a statement issued by his media aide, Stanley Nkwocha.
The Vice President also praised the EU for its consistent support, especially its humanitarian and stabilization work in the crisis-affected Northeast. He expressed optimism about deepening cooperation in trade, investment, and youth development.
“You are our natural partners. We share not just geography but a deep cultural and historical connection,” Shettima noted, adding that Nigeria is entering a new era of economic openness and reform.
He cited the removal of fuel subsidies and the unification of the exchange rate as evidence of the administration’s commitment to removing barriers to investment.
Welcoming the EBRD’s entry into Nigeria, Shettima said the opening of the Lagos office is both symbolic and strategic. “This sends a clear message: Nigeria is open for business,” he said.
He also acknowledged the EU’s support in Borno State, saying, “We will always stand by those who stood by us during our most difficult times.”
Ambassador Mignot emphasized the importance of a strong relationship with Nigeria in today’s challenging global landscape. He said the EU views Nigeria as a key strategic partner and remains committed to supporting development goals, gender equality, and the UN Charter.
Separately, Shettima also welcomed a delegation from South Korea’s Asia Economic Development Committee (AEDC), which proposed a partnership in areas such as solar technology, electric vehicle production, and advanced IT for security.
Speaking during the delegation’s visit to the Presidential Villa, Shettima affirmed Nigeria’s readiness for collaborations that support the administration’s industrialization drive and enhance citizens’ quality of life.
AEDC Chairman Mr. Yoon Suk-hun said their visit aimed to explore investment in Nigeria’s technology and energy sectors, stressing that the goal was not just profit, but technology transfer and development.
The South Korean delegation included key figures from AEDC and the Founder of AMMASCO Group, Alhaji Mustapha Muhammad.