Nigeria’s economic diplomacy received a significant boost on Tuesday with the announcement that the European Bank for Reconstruction and Development (EBRD) is opening its first West African office in Lagos. The move was hailed by the federal government as a clear sign of growing international confidence in Nigeria’s economic trajectory.
During a courtesy visit by Ambassador Gautier Mignot, Head of the European Union (EU) Delegation to Nigeria and ECOWAS, Vice President Kashim Shettima expressed gratitude for the EU’s continued support and emphasized Nigeria’s commitment to deepening ties with Europe.
“You are our natural partners and allies,” Shettima said. “Our connection extends beyond geography, rooted in centuries of cultural affinity. We view this partnership as not only economic but also humanitarian and strategic.”
The vice president highlighted President Bola Ahmed Tinubu’s administration’s bold economic reforms, including the removal of fuel subsidies and the unification of exchange rates, which have been pivotal in restoring investor confidence.
“All barriers to investment in Nigeria are gradually being dismantled,” Shettima added. “Nigeria is more open for business than ever before.”
In February 2025, Nigeria officially became the 77th shareholder of the EBRD, following the bank’s decision to cautiously expand into sub-Saharan Africa. The Lagos office will serve as a hub for the EBRD’s operations across the region.
Shettima also praised the EU’s significant role in stabilizing conflict-affected regions, particularly Borno State, where he once served as governor. “I know firsthand the pivotal role the EU has played in humanitarian efforts in Borno. You deserve commendation, not condemnation,” he said.
Ambassador Mignot, for his part, reiterated the EU’s recognition of Nigeria as a key partner in a rapidly changing global landscape. “In these times of global instability, it is vital to have dependable partners, and Nigeria is one of them,” he stated. He also expressed the EU’s intention to expand initiatives such as the Nigeria Jubilee Fellows Programme (NJFP) and to strengthen cooperation on migration and development goals.
