LAGOS — Nigeria’s economic diplomacy received a significant boost on Tuesday as the European Bank for Reconstruction and Development (EBRD) announced the opening of its first office in West Africa, located in Lagos. The move has been welcomed by the federal government as a strong vote of confidence in the country’s ongoing economic reforms and investment potential.
Vice President Kashim Shettima, speaking during a courtesy visit by Ambassador Gautier Mignot, Head of the European Union Delegation to Nigeria and ECOWAS, lauded the EU’s continued partnership and highlighted the deep-rooted relationship between Nigeria and 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.”
The vice president pointed to recent economic policy shifts under President Bola Ahmed Tinubu’s administration — including the removal of fuel subsidies and the unification of exchange rates — as crucial steps toward attracting foreign investment. “All the encumbrances toward investment in this country are gradually being eliminated,” Shettima noted. “More than ever before, Nigeria is ready for business.”
Nigeria became the 77th shareholder of the EBRD in February 2025, following the bank’s decision to cautiously expand its operations into sub-Saharan Africa. The new Lagos office is expected to serve as the central hub for the EBRD’s regional activities.
Shettima also acknowledged the EU’s humanitarian support in conflict-affected areas, especially in Borno State where he once served as governor. “I know the prominent role that the EU played in humanitarian support in Borno. You deserve commendation, not condemnation,” he said.
Ambassador Mignot reaffirmed the EU’s strategic interest in Nigeria, especially in the face of global uncertainty. “With the global instability we are witnessing, it is essential to have reliable partnerships. Nigeria is one of those,” he said, adding that EU ambassadors had recently convened to reinforce their commitment to the country.
Mignot further expressed the EU’s interest in expanding collaborative programmes such as the Nigeria Jubilee Fellows Programme (NJFP) and deepening ties on migration, economic development, and shared geopolitical goals.
