This landmark development was revealed on Tuesday during a courtesy visit by Ambassador Gautier Mignot, the Head of the European Union Delegation to Nigeria and ECOWAS, to the State House in Abuja. Nigeria officially cemented its relationship with the EBRD by becoming its 77th shareholder in February 2025, a move that followed the bank's strategic decision in 2023 to incrementally extend its operations into sub-Saharan Africa.
Welcoming this pivotal step, Vice President Kashim Shettima hailed the EBRD's presence in Lagos as a powerful endorsement of President Bola Ahmed Tinubu's ambitious economic reforms and Nigeria's burgeoning attractiveness as a destination for foreign investment.
The Vice President expressed Nigeria's deep appreciation for the EU's enduring support across various sectors, particularly acknowledging their crucial humanitarian and stabilization efforts in the conflict-ridden northeast region of the country.
According to a statement released by Stanley Nkwocha, the Senior Special Assistant to the President on Media and Communications in the Vice President's office, Shettima underscored the growing avenues for collaboration with the EU in areas such as trade, investment, and empowering Nigeria's youthful population.
"You are our natural partners and allies. Beyond the geography that binds us, we have a cultural affinity that goes back centuries," VP Shettima remarked, emphasizing the historical ties and shared values between Nigeria and the European Union.
Highlighting Nigeria's commitment to economic openness under President Tinubu's leadership, the Vice President pointed to the bold decisions taken from the outset to dismantle long-standing structural impediments.
"Some of the dysfunctions in the Nigerian economy – the opaque exchange rate regime and the fuel subsidy – President Tinubu had the courage to remove them. All the encumbrances toward investment in this country are gradually being eliminated," he asserted, signaling a clear shift towards a more investor-friendly environment.
The Vice President emphasized the symbolic and strategic importance of the EBRD's Lagos office for both Nigeria and the bank, stating that "it will send a message across the borders. More than ever before, Nigeria is ready for business." He further noted that the partnership with the EU transcends mere economic considerations, recalling the EU's significant humanitarian and stabilization work in states like Borno, where he previously served as governor.
"I know the prominent role that the EU played in stability and humanitarian support in Borno State. You deserve commendation, not condemnation. We will always stand by those who stood by us in our hours of need," VP Shettima affirmed.
The Vice President also addressed the critical issue of migration cooperation, expressing satisfaction with the ongoing engagements under the EU-Nigeria Readmission Agreement. He further advocated for a revitalization of youth-focused initiatives such as the Nigeria Jubilee Fellows Programme (NJFP), stressing the need to "recalibrate the programme for the good of our young men and women."
In his earlier remarks, Ambassador Mignot underscored the significance of a reliable relationship with Nigeria amidst global political and economic uncertainties. He affirmed that the European Union views Nigeria as a pivotal partner in the 21st century.
Mr. Mignot conveyed that all EU ambassadors in Nigeria had convened to reaffirm their commitment to this partnership, emphasizing the EU's strong support for the UN Charter, the Sustainable Development Goals, and global gender equality initiatives.
"The EU believes in free and fair trade, international partnerships as relations among equals, mutual benefits and respecting sovereignty. West Africa and Nigeria are priorities for us because we are neighbours and our destinies are closely linked," Ambassador Mignot stated, reiterating the EU's commitment to partnerships, cooperation, and humanitarian aid in the region and Nigeria.
In a parallel development, Vice President Shettima also expressed enthusiasm for a proposed partnership between Nigeria and the Asia Economic Development Committee (AEDC) of South Korea. The envisioned collaboration encompasses solar equipment and electric vehicle manufacturing, as well as advanced Information Technology for bolstering Nigeria's security infrastructure.
During a courtesy visit from an AEDC delegation led by its Chairman, Mr. Yoon Suk-hun, the Vice President affirmed Nigeria's readiness for partnerships that would advance the industrialization agenda of President Tinubu's administration and tangibly improve the lives of Nigerian citizens.
Senator Shettima conveyed Nigeria's openness to arrangements facilitating technology transfer and the establishment of domestic industries in sectors such as solar equipment production and electric vehicle manufacturing. He reiterated the Tinubu administration's unwavering commitment to creating a conducive environment for private investment, assuring the South Korean delegation of the government's full cooperation.
"This government wants to be the facilitator for businesses to thrive in Nigeria. We will create a safe passage and a conducive environment for private businesses like yours to thrive," the Vice President assured.
He also commended South Korea's dedication to the development of Africa, drawing parallels in their shared history and praising the nation's investments in human resource development and technological advancements, particularly in the automotive and alternative energy sectors.
Mr. Suk-hun, the leader of the AEDC delegation, explained that their visit aimed to explore collaborative opportunities in solar technology, electric vehicle manufacturing, and IT infrastructure for security enhancement, among other areas.
He expressed the AEDC's strong belief in Nigeria's current leadership to effectively harness the nation's vast potential, leveraging technology and abundant resources. Mr. Suk-hun emphasized that their investment proposals for Nigeria were driven not solely by profit maximization but by a genuine commitment to technology transfer in key sectors, including solar energy, electric vehicles, and information technology for enhanced security capabilities.
The presence of key figures such as Alhaji Mustapha Muhammad, the Founder/Chairman of AMMASCO Group, alongside representatives from the AEDC, underscored the seriousness and potential of these emerging international partnerships for Nigeria's economic and technological advancement.