First Abu Dhabi Bank (ADX:FAB), the UAE’s largest lender, is preparing to open a representative office in Lagos as part of a strategy to expand its presence in sub-Saharan Africa, marking its first physical entry into West Africa, The Punch reported.
The move was confirmed at an Investopia Africa event in the Nigerian city by Martin Tricaud, Group Head of Wholesale Banking at First Abu Dhabi Bank, according to the publication.
First Abu Dhabi Bank currently operates in Egypt and Libya, and the addition of Nigeria will expand its international network to 22 countries. Tricaud said Lagos was selected because of its role as Nigeria’s main financial centre and its position as a gateway to West Africa.
The Lagos office is expected to open within weeks and will initially operate as a representative office while also serving as a regional base for West African activities. Tricaud said the bank viewed Nigeria’s long-term demographic and economic prospects as central to its decision.
He pointed to Africa’s population, estimated at about 1.4bn people, which is expected to rise to between 1.8bn and 2bn over coming decades. He also cited projected economic growth of 6–8% annually in several African markets as a factor supporting deeper engagement by international lenders.
First Abu Dhabi Bank already has exposure to Nigeria through its involvement with the African Export-Import Bank in financing infrastructure. The bank participated in funding Phase 1, Section 2 of the Lagos–Calabar Coastal Highway project, contributing $1.126bn.
Tricaud said the lender was satisfied with the pace of work on the highway and its potential economic impact, according to The Punch.
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