Nigeria’s economic diplomacy received a major boost on Tuesday with the formal announcement that the European Bank for Reconstruction and Development (EBRD) is opening its first West African office in Lagos, a move hailed by the federal government as a sign of growing confidence in the country’s economic direction.

Speaking during a courtesy visit by Ambassador Gautier Mignot, Head of the European Union (EU) Delegation to Nigeria and ECOWAS, Vice President Kashim Shettima expressed gratitude for the EU’s enduring support and reaffirmed Nigeria’s commitment to stronger ties with Europe.

“You are our natural partners and allies,” Shettima said. “Beyond the geography that binds us, we have a cultural affinity that goes back centuries. We see this partnership not just as economic, but also humanitarian and strategic.”

The vice president noted that President Bola Ahmed Tinubu’s administration had taken bold steps to reform the Nigerian economy, citing the removal of fuel subsidies and unification of exchange rates as critical actions that have helped restore investor confidence.

“All the encumbrances toward investment in this country are gradually being eliminated,” Shettima said. “More than ever before, Nigeria is ready for business.”

Nigeria officially became the EBRD’s 77th shareholder in February 2025, following a decision by the bank’s Board of Governors to expand cautiously into sub-Saharan Africa. The Lagos office will serve as a hub for EBRD’s operations in the region.

Shettima also highlighted the EU’s role in stabilising conflict-affected areas, particularly Borno State where he served as governor. “I know the prominent role that the EU played in humanitarian support in Borno. You deserve commendation, not condemnation.”

In his remarks, Ambassador Mignot said the EU views Nigeria as a critical partner amid a changing global political climate.

“With the global instability we are witnessing, it is essential to have reliable partnerships. Nigeria is one of those,” Mignot stated, noting that EU envoys had recently met to reaffirm their commitment to Nigeria.

He also expressed the EU’s interest in expanding programmes such as the Nigeria Jubilee Fellows Programme (NJFP) and strengthening cooperation on migration and development goals.