First Abu Dhabi Bank, the United Arab Emirates’ largest lender, plans to open a representative office in Nigeria, with Lagos chosen as its base. The move forms part of the bank’s push into sub-Saharan Africa, with Nigeria expected to support its regional plans.
Martin Tricaud, Group Head of Wholesale Banking at First Abu Dhabi Bank, said the Lagos office is expected to open in the coming weeks. He spoke on Monday at the Investopia Africa conference held in Lagos.
Nigeria will become the bank’s 22nd country of operation, adding to its presence across the Middle East, Europe, Asia and North Africa. The lender already operates in Egypt and Libya.
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Focus on infrastructure and energy
The planned entry follows the bank’s growing role in Nigeria’s infrastructure and energy sectors. First Abu Dhabi Bank recently partnered with the African Export-Import Bank to provide $1.126 billion in financing for Phase 1, Section 2 of the Lagos–Calabar Coastal Highway.
The highway is one of Nigeria’s major infrastructure projects and is expected to support transport and economic activity along the coast.
“The decision to enter Nigeria is the result of a long reflection and detailed study,” Tricaud said. “We were absolutely convinced that we needed a presence in sub-Saharan Africa, and Nigeria, particularly Lagos, offers a compelling opportunity.”
Tricaud said the bank’s earlier engagement in Nigeria focused on energy, reflecting experience from the UAE in oil, gas and renewables. Nigeria’s role as an oil and gas producer helped the bank build relationships with public and private sector partners.
“But we felt there were more opportunities,” he said, pointing to infrastructure as a key area.
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Partnerships and capital mobilisation
The bank worked with Nigeria’s Ministry of Finance, construction firm Hitech and the Chagoury Group to structure the financing for the coastal road. Tricaud said the pace of construction and the scale of the project stood out during a site visit.
The lender is also using syndication to attract international funding into Nigeria. It has worked with partners including the Islamic Development Bank and other global financiers.
“We have mobilised a significant amount of capital, not on our own,” Tricaud said. “There will be distribution and syndication. This shows that Nigeria can attract international capital into infrastructure.”
He added that the coastal road deal is only a first step, with further funding expected for roads and related projects.
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Africa’s growth
Speaking on a panel with Lagos State Governor Babajide Sanwo-Olu and Nigerian Ports Authority Managing Director Abubakar Dantsoho, Tricaud said Africa’s population and economic growth support the bank’s strategy.
Africa’s population of about 1.4 billion people is projected to rise in the coming decades, while economic growth across the continent is expected to outpace many developed markets, he said.
