First Abu Dhabi Bank has revealed plans to establish a representative office in Lagos as part of its expansion into sub-Saharan Africa.

The announcement was made on Monday by the bank’s Group Head of Wholesale Banking, Martin Tricaud, during the maiden Investopia Africa event in Lagos.

The bank also collaborated with Afreximbank to secure $1.126 billion in funding for Phase 1, Section 2 of the Lagos–Calabar Coastal Highway project, according to The Punch.

Speaking at a panel session alongside Lagos State Governor Babajide Sanwo-Olu and the Managing Director of the Nigerian Ports Authority, Abubakar Dantsoho, the banker said the group currently operates in 21 countries and would soon expand to 22 with its entry into Nigeria.

He explained that the decision followed extensive research and careful consideration, adding that the bank already has operations in Egypt and Libya, reinforcing its commitment to expanding across Africa.

“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,”
Tricaud said.

Tricaud further explained that the representative office would be used to grow the bank’s operations in Nigeria while also serving the wider West African market.

“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,” he added.

Speaking on investments by the United Arab Emirates in Nigeria, Tricaud said, “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 also noted that the bank collaborates with other stakeholders to mobilise capital for projects across the region.

He stated, “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.”