European Reconstruction Bank Sites First West African Office In Lagos

** As VP Shettima restates President Tinubu’s resolve to sustain stronger ties with EU

** Welcomes partnership with Asian Consortium to manufacture electric cars, solar equipment in Nigeria

By: Our Reporter

The Nigerian government has reiterated its deep commitment to strategic partnership with the European Union, as the European Bank for Reconstruction and Development (EBRD) prepares to open its first West African office in Lagos.

Nigeria officially became the EBRD’s 77th shareholder in February 2025, following the bank’s limited and incremental expansion to sub-Saharan Africa approved by its Board of Governors in 2023.

Speaking on Tuesday during a courtesy visit by Ambassador Gautier Mignot, Head of the European Union Delegation to Nigeria and ECOWAS, at the Presidential Villa, Vice President Kashim Shettima praised the EU’s longstanding support, highlighting the 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.

The Vice President noted that Nigeria is entering a new phase of economic openness under the leadership of President Bola Ahmed Tinubu, who he said took bold steps from day one to dismantle key structural challenges.

He said, “Some of the dysfunctions in the Nigerian economy – the opaque exchange rate regime and the fuel subsidy – President Tinubu had the courage to remove them. All the encumbrances toward investment in this country are gradually being eliminated.”

Welcoming the EBRD’s expansion into Nigeria, VP Shettima said the opening of its Lagos office is a symbolic and strategic development for both parties, as “it will send a message across the borders.

“More than ever before, Nigeria is ready for business,” he added, emphasising that Nigeria’s partnership with the EU extends beyond economics, just as he made reference to the EU’s significant humanitarian and stabilisation efforts in conflict-affected regions such as Borno State, where he served as governor.

“I know the prominent role that the EU played in stability and humanitarian support in Borno State. You deserve commendation, not condemnation. We will always stand by those who stood by us in our hours of need,” VP Shettima said.

The Vice President also spoke on migration cooperation, expressing satisfaction with ongoing engagements under the EU-Nigeria Readmission Agreement, and called for a revitalisation of youth-focused programmes like the Nigeria Jubilee Fellows Programme (NJFP).

“There is a need for us to recalibrate the programme for the good of our young men and women,” VP Shettima said.

Earlier in his remarks, the EU Ambassador to Nigeria, Mr. Mignot, said given the turmoil and very difficult political climate globally, it is important to have a reliable relationship with Nigeria, noting that the European Union sees Nigeria as a key partner in the 21st century.

Mr. Mignot explained that all the EU ambassadors in Nigeria have met to reaffirm their partnership with Nigeria.

He stated that the EU is a strong supporter of the UN Charter, the Sustainable Development Goals, and global gender equality initiatives of the international community.

“The EU believes in free and fair trade, international partnerships as relations among equals, mutual benefits and respecting sovereignty. West Africa and Nigeria are priorities for us because we are neighbours and our destinies are closely linked.

“Therefore, we are determined to keep our commitment globally and here in the region and Nigeria in terms of partnerships, cooperation and humanitarian aid,” he said.

VP Shettima Welcomes Partnership With Asian Consortium On Electric Cars, Solar Equipment Manufacture In Nigeria

In another development, Vice President Shettima applauded the proposal for partnership between Nigeria and the Asia Economic Development Committee (AEDC) of South Korea for solar equipment and electric vehicle manufacturing, as well as for advanced Information Technology for security enhancement in Nigeria.

He said Nigeria was ready for partnerships that would advance the industrialisation agenda of the administration of President Bola Ahmed Tinubu and improve the lives of the citizens.

The Vice President stated this on Tuesday when he received a delegation from the AEDC South Korea led by its Chairman, Mr Yoon Suk-hun, on a courtesy visit to the Presidential Villa, Abuja.

Senator Shettima added that Nigeria is open to and interested in any form of arrangements that would lead to the transfer of technology and the establishment of industries for solar equipment production and electric vehicle manufacturing in Nigeria, among others.

He reiterated the commitment of the Tinubu administration to creating the enabling environment for private investments in the country, assuring the delegation of the government’s cooperation.

“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.”

The Vice President commended South Korea’s commitment to the development of Africa, given their shared history, just as he praised the country’s investments in human resource development and technological advancement, especially in automobile manufacturing and the alternative energy sector.

Earlier, the leader of the delegation, Mr Suk-hun, said the delegation was in the country to explore areas of partnership in solar technology, electric vehicle manufacturing and information technology infrastructure for security enhancement, among others.

He said the AEDC believes in the present leadership of the country to harness the enormous potential there, leveraging technology and the resources that abound across the country.

Mr Suk-hun said the organisation’s proposal for investment in Nigeria was not for profit maximisation but to ensure the transfer of technology in key areas, including solar technology, electric vehicle manufacturing and information technology capacity for security enhancement.

Also present at the meeting were the Founder/Chairman of AMMASCO Group, Alhaji Mustapha Muhammad; Shin Kyeong-seub; Kim Se Hun and Yang Jin Won, all from the AEDC.

European Reconstruction Bank Sites First West African Office In Lagos