BUSINESS
First Abu Dhabi Bank Set to Open Lagos Representative Office as Gateway to Sub-Saharan Africa, Deepens $1.126bn Partnership with Afreximbank on Lagos–Calabar Coastal Highway
First Abu Dhabi Bank (FAB), the largest bank in the United Arab Emirates, has announced plans to open a representative office in Lagos, Nigeria, marking a major milestone in its long-term strategy to expand into sub-Saharan Africa.
The disclosure was made on Monday at the maiden Investopia Africa event held in Lagos by the Group Head of Wholesale Banking at First Abu Dhabi Bank, Martin Tricaud, who described Nigeria, particularly Lagos as the ideal launchpad for the bank’s regional presence in West Africa.
The development comes as the bank continues to deepen its involvement in Nigeria’s infrastructure and energy sectors, having recently partnered with Afreximbank to provide $1.126bn in financing for the execution of Phase 1, Section 2 of the Lagos–Calabar Coastal Highway project.
Speaking during a high-level panel session that featured Lagos State Governor, Babajide Sanwo-Olu, and the Managing Director of the Nigerian Ports Authority, Abubakar Dantsoho, Tricaud underscored the strategic thinking behind FAB’s decision to establish a physical presence in Nigeria.
“We have a presence in 21 countries today, and very soon it will be 22, with a presence in Nigeria. This is the outcome of a long reflection and study.
“We were absolutely convinced that we needed a presence in sub-Saharan Africa. We have a presence in Egypt. We have a presence in Libya.
“But there was an obvious gap in our geographical footprint. We looked at Africa and thought that Africa is really the future of the world economy. This is a continent growing between six per cent and eight per cent in terms of GDP every year.
“This is a population that is still growing 1.4 billion people today, but very likely to reach two billion, or at least 1.8 billion, in the next few decades.
“So, the opportunity is there. We reviewed several possibilities and concluded that Nigeria, and Lagos in particular, offers a great opportunity to establish our first footprint in sub-Saharan Africa.
“So, we will open a representative office. Hopefully, that will happen this month or next, or very, very soon.”
According to Tricaud, the Lagos office will not only support FAB’s operations within Nigeria but will also function as a regional hub for West Africa, reflecting Lagos’ growing importance as a continental financial centre.
The representative office would serve to develop the bank’s business in Nigeria, “but also to cover the entire West African region.
“So, in our view, this is a regional representative office that we will operate from Lagos, recognising the regional role of Lagos as a financial hub.”
Beyond banking expansion, Tricaud highlighted the depth of economic ties between Nigeria and the United Arab Emirates, particularly in the energy sector, where UAE companies have established strong footprints in both conventional and renewable energy.
“The UAE is very strong in the energy sector, both conventional and renewable. So, it was very natural for us to look first at energy. Nigeria is a major oil and gas country and we have developed good relationships and done good business with a number of companies in the public and private sectors.
“That was good, but we felt there were more opportunities. You mentioned the Coastal Road, and we were absolutely delighted to work very closely with the Ministry of Finance, HITECH, and the Chagoury Group to play a meaningful role in financing the Lagos–Calabar coastal project.
”I visited the work site a few months ago and was very impressed with the speed of construction and the impact it will have on the local economy.”
He further explained that FAB’s approach to large infrastructure projects involves collaboration with multiple international partners to mobilise and distribute capital efficiently.
“We have mobilised a significant amount of capital, not on our own. There will be distribution and syndication.
“We have also done this with partners from the Islamic Development Bank. It shows that Nigeria can attract international capital into infrastructure. That is just the beginning, in my opinion.
“There will be much more to come in the near future, particularly in infrastructure; roads, highways and related projects.”
With the planned opening of its Lagos representative office and its growing participation in landmark infrastructure projects, First Abu Dhabi Bank’s move signals rising international confidence in Nigeria’s economic prospects and reinforces Lagos’ position as a strategic gateway for global financial institutions seeking access to We
st Africa and the wider African market.