European bank opens first West African office in Lagos

By Samuel Ogunsona

The Nigerian Government has said its strategic partnership with the European Union has yielded fruits with the establishment of the European Bank for Reconstruction and Development (EBRD).

The bank will be opened in Lagos representing its first West African office in Lagos.

This was contained in a press release issued by Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications, on Tuesday made available to Irohinoodua.

The Vice President Kashim Shettima praised the EU’s longstanding support, highlighting growing opportunities for cooperation in trade, investment, and youth empowerment.

“You are our natural partners and allies. Beyond the geography that binds us, we have a cultural affinity that goes back centuries,” VP Shettima said.

He noted that Nigeria is entering a new phase of economic openness under President Bola Ahmed Tinubu’s leadership, who “took bold steps from day one to dismantle key structural challenges.”

The Vice President added that the EBRD’s expansion into Nigeria is a symbolic and strategic development for both parties, sending a message that “Nigeria is ready for business.”

In a separate development, Vice President Shettima welcomed a proposal for partnership between the Nigeria and the Asia Economic Development Committee (AEDC) of South Korea for solar equipment and electric vehicle manufacturing.

“This Government wants to be the facilitator for businesses to thrive in Nigeria.

“We will create a safe passage and a conducive environment for private businesses like yours to thrive,” he said.