Another International Bank Set To Open Office in Nigeria, Speaks on Opportunities
- First Abu Dhabi Bank is set to enter sub-Saharan Africa, and its target is Nigeria as launch pad to other countries
- The bank has already partnered with Afreximbank to provide funds for Phase 1, Section 2 of the Lagos–Calabar Coastal Highway
- The bank sees huge potential in Nigeria’s rapidly growing population and expanding GDP
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
First Abu Dhabi Bank (FAB) has announced plans to open a representative office in Lagos, marking its first footprint in sub-Saharan Africa as part of a broader expansion strategy.
The announcement was made on Monday during the inaugural Investopia Africa event in Lagos by Martin Tricaud, Group Head of Wholesale Banking at FAB.
Source: Getty Images
Tricaud highlighted the bank’s commitment to the region, noting that Nigeria, and Lagos in particular, presents significant growth opportunities.
He said:
“We have a presence in 21 countries today, and very soon it will be 22, with a presence in Nigeria.
“Africa is growing between six and eight per cent in GDP every year. With a population of 1.4 billion, expected to reach 1.8 to 2 billion in the coming decades, the opportunity is clear. Lagos, as a financial hub, was an obvious choice for our regional representative office.”
The Lagos office will serve as a platform to develop FAB’s business across Nigeria and the wider West African region. Tricaud explained that the UAE bank’s initial focus in Nigeria had been the energy sector, leveraging existing relationships in oil and gas.
However, opportunities have expanded into infrastructure financing, including the bank’s recent $1.126 billion partnership with Afreximbank to fund Phase 1, Section 2 of the Lagos–Calabar Coastal Highway, Punch reports.
Source: Getty Images
Tricaud said:
“The Coastal Road project demonstrates Nigeria’s capacity to attract international capital.
“We mobilised a significant amount of funding through partnerships and syndication, and this is just the beginning. There will be more investment in infrastructure roads, highways, and related projects in the near future.”
The move underscores Nigeria’s growing appeal to international investors, particularly from the Middle East, as the country continues to expand its infrastructure and financial sectors.
Nigeria, UAE sign strategic trade agreement
Nigeria and the United Arab Emirates (UAE) have signed a Comprehensive Economic Partnership Agreement (CEPA) aimed at strengthening trade and investment between the two countries, Guardian reports.
Dr. Jumoke Oduwole, Minister of Industry, Trade and Investment, said the agreement focuses on improving market access for Nigerian products and services, attracting quality investment, and supporting the country’s economic diversification under President Bola Ahmed Tinubu’s Renewed Hope Agenda.
She added that the partnership is expected to create opportunities for Nigerian businesses, professionals, and workers.
Meet Nigerian banks licensed to operate abroad
Earlier, Legit.ng reported that Nigerian banks holding international licences are permitted to operate across borders, maintain foreign subsidiaries, and participate in complex global transactions.
The list include Access Bank, Zenith Bank, United Bank for Africa (UBA), Guaranty Trust Bank (GTBank), First Bank of Nigeria, and Fidelity Bank.
Because of their systemic importance and cross-border exposure, the CBN expects these banks to maintain significantly stronger capital base.
Source: Legit.ng
