The Nigerian government has reiterated its firm commitment to a 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 EBRD’s 77th shareholder in February 2025, following the bank’s limited and incremental expansion into 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.

He 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 the outset to dismantle key structural barriers.

He stated, “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 to investment in this country are gradually being eliminated.”

Welcoming EBRD’s expansion into Nigeria, Vice President 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.”

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

Source: Dailypost