The European Bank for Reconstruction and Development (EBRD) has announced that Nigeria will play a leading role in its plans to expand across West Africa. The bank sees the country as a key market for investment and development as it increases its presence in Sub-Saharan Africa.
Speaking on CNBC Africa, the EBRD’s Vice President for Banking, Matteo Patrone, said Nigeria is one of the bank’s most important destinations for future operations. He explained that the institution recently opened an office in Nigeria, marking the beginning of its long-term commitment to the country.
The EBRD is also planning to strengthen its activities in other African countries, including Kenya, Benin, Senegal, and Côte d’Ivoire. However, Nigeria will remain the center of its regional strategy because of its large economy and strong growth potential.
According to Patrone, the bank already has a team of 16 professionals working in Nigeria. The staff includes Nigerian bankers and financial experts responsible for identifying investment opportunities, managing projects, and monitoring the bank’s growing activities.
The EBRD aims to support both government and private-sector projects, but its main focus will be on helping private businesses grow. This approach is in line with the bank’s mission of encouraging sustainable economic development and stronger market-driven economies.
One of the bank’s first projects in Nigeria is supporting the development of fiber-optic infrastructure to improve digital connectivity. The EBRD has also invested in agricultural value chains, including cashew processing, to encourage exports and create more value from local products.
In the financial sector, the bank recently signed a trade finance agreement with Access Bank. The partnership is expected to make it easier for businesses to carry out import and export activities while improving access to funding for trade.
Patrone revealed that the EBRD has several more investment projects expected to be completed before the end of the year. Many of these investments will target sectors such as agriculture, telecommunications, technology, mining, manufacturing, logistics, real estate, and affordable housing.
The bank also plans to invest in industries linked to critical minerals and raw materials, which are becoming increasingly important for global clean energy and industrial supply chains.
Supporting small and medium-sized enterprises (SMEs) will be another major priority. Rather than lending directly to every small business, the EBRD intends to work with local banks, providing them with funds that can be passed on to SMEs through loans.
In addition to financing, the bank will offer technical support to help businesses improve management, financial planning, marketing, governance, and production processes. It also plans to introduce risk-sharing programs that reduce lending risks for commercial banks, making it easier for smaller businesses to access credit.
The EBRD is also exploring ways to increase local-currency financing through financial instruments such as currency swaps and local bond issuances. This would help reduce foreign exchange risks for businesses that borrow money.
Patrone said Nigeria’s ongoing economic reforms played a major role in the bank’s decision to expand its operations in the country. He believes continued reforms will attract more foreign investment, strengthen local businesses, and improve the country’s overall investment climate.
As the EBRD continues its expansion across Africa, Nigeria is expected to remain the driving force behind its regional plans. The bank believes the country’s economy, reform efforts, and growing private sector make it an ideal base for supporting long-term development across West Africa.
