European Reconstruction Bank Sites First West African Office In Nigeria

Nigeria’s efforts in international economic relations took a significant leap forward on Tuesday with the announcement that the European Bank for Reconstruction and Development (EBRD) will establish its first office in West Africa, choosing Lagos as its base. The federal government welcomed this move, viewing it as a strong indicator of trust in Nigeria’s economic policies.

During a meeting with Ambassador Gautier Mignot, who leads the European Union (EU) Delegation to Nigeria and ECOWAS, Vice President Kashim Shettima acknowledged the EU’s longstanding cooperation and reiterated the country’s desire to deepen its relationship with Europe.

“You are our natural partners and allies,” Shettima said. “Beyond the geography that binds us, we have a cultural affinity that goes back centuries. We see this partnership not just as economic, but also humanitarian and strategic.”

Shettima emphasized the Tinubu administration’s determination to reshape the nation’s economic landscape, pointing to the scrapping of fuel subsidies and the harmonization of exchange rates as key reforms that have enhanced investor trust.

“All the encumbrances toward investment in this country are gradually being eliminated,” Shettima said. “More than ever before, Nigeria is ready for business.”

In February 2025, Nigeria was officially accepted as the 77th member of the EBRD, following a decision by the bank to gradually expand into sub-Saharan Africa. The newly launched Lagos office will act as the bank’s central hub for its operations across the region.

The vice president also praised the EU’s contributions in areas affected by conflict, especially in Borno State, where he once held office as governor. “I know the prominent role that the EU played in humanitarian support in Borno. You deserve commendation, not condemnation.”

Ambassador Mignot, in his address, emphasized Nigeria’s importance to the EU amidst today’s evolving global challenges.

“With the global instability we are witnessing, it is essential to have reliable partnerships. Nigeria is one of those,” Mignot stated, adding that recent meetings among EU representatives had reaffirmed their dedication to working with Nigeria.

He further mentioned the EU’s willingness to expand collaborative efforts through initiatives such as the Nigeria Jubilee Fellows Programme (NJFP) and deepen engagement on matters related to migration and development.