European Bank Opens First West African Office in Lagos, Nigeria Eyes Electric Vehicle, Solar Deals With Asia

Nigeria has deepened its international economic ties with two major developments this week: the European Bank for Reconstruction and Development (EBRD) is establishing its first West African office in Lagos, and the country is exploring industrial partnerships with an Asian consortium to manufacture electric vehicles and solar equipment.

During a courtesy visit by Ambassador Gautier Mignot, Head of the European Union (EU) Delegation to Nigeria and ECOWAS, Vice President Kashim Shettima reaffirmed Nigeria’s commitment to stronger partnerships with the EU. He highlighted ongoing economic reforms initiated by President Bola Ahmed Tinubu, including the removal of fuel subsidies and exchange rate adjustments to attract foreign investment.

“You are our natural partners and allies,” Shettima told the EU delegation at the Presidential Villa, citing historical and cultural ties. “More than ever before, Nigeria is ready for business.”

VP Shettima welcomed the opening of the EBRD’s Lagos office, describing it as a “symbolic and strategic development” that would send strong signals about Nigeria’s economic readiness. Nigeria officially joined the EBRD as its 77th shareholder in February 2025, following the bank’s cautious expansion into sub-Saharan Africa.

He also praised the EU’s humanitarian contributions, especially in conflict-affected regions like Borno State, and called for a revitalisation of youth development programmes such as the Nigeria Jubilee Fellows Programme (NJFP).

In response, Ambassador Mignot reaffirmed the EU’s commitment to its partnership with Nigeria. He stressed the importance of reliable global relationships amid current geopolitical uncertainties and highlighted the EU’s dedication to sustainable development, gender equality, and respect for sovereignty.

“Nigeria is a priority partner,” Mignot stated. “We are determined to keep our commitments in the region in terms of cooperation and humanitarian aid.”

Nigeria, Asian Consortium Explore Electric Vehicle, Solar Equipment Production

In a separate meeting, Vice President Shettima met with a delegation from the Asia Economic Development Committee (AEDC) of South Korea to discuss new industrial opportunities, including local manufacturing of solar panels, electric vehicles, and tech infrastructure for national security.

VP Shettima expressed Nigeria’s readiness to partner with technology-driven countries like South Korea to advance its industrialisation agenda under President Tinubu’s administration.

“We are open to arrangements that lead to technology transfer and local industry development,” he said, assuring the delegation of the government’s commitment to a business-friendly environment.

AEDC Chairman Mr Yoon Suk-hun said the visit aimed to identify investment opportunities that would not only generate profit but also foster sustainable technology transfer and capacity building.

The meeting also had in attendance industry leaders including Alhaji Mustapha Muhammad, Chairman of AMMASCO Group, and senior AEDC officials from South Korea.