First Abu Dhabi Bank (FAB), the United Arab Emirates’ largest lender by assets, plans to open a representative office in Lagos as part of a broader push to expand its footprint in sub-Saharan Africa, a senior executive said on Monday.
The move would mark FAB’s first physical presence in Nigeria and bring the bank’s international network to 22 countries, up from 21, according to Martin Tricaud, FAB’s Group Head of Wholesale Banking.
Tricaud disclosed the plan at the inaugural Investopia Africa event held in Lagos, attended by senior government officials and business leaders from Nigeria and the Middle East.
“We were absolutely convinced that we needed a presence in sub-Saharan Africa,” Tricaud said during a panel session. “We have a presence in Egypt and Libya, but there was an obvious gap in our geographical footprint.”
He said the bank had conducted extensive internal reviews before settling on Nigeria, citing the country’s economic scale, population growth and strategic importance within West Africa.
“Africa is really the future of the world economy,” Tricaud said, adding that the continent was growing at between 6 percent and 8 percent in GDP terms annually. Africa’s population of about 1.4 billion people is expected to rise to nearly 2 billion in coming decades, he said.
FAB plans to operate the Lagos office as a regional hub, serving not only Nigeria but also the wider West African market, reflecting Lagos’ role as a financial and commercial centre.
“This is a regional representative office that we will operate from Lagos, recognising the regional role of Lagos as a financial hub,” Tricaud said, adding that the office could open “this month or next, or very soon.”
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Nigeria, Africa’s most populous country, has in recent years sought to attract more foreign capital into infrastructure, energy and industrial development, even as investors remain cautious due to currency volatility and regulatory uncertainty.
FAB has already played a role in Nigeria’s infrastructure financing. The bank partnered with the African Export-Import Bank (Afreximbank) to provide $1.126 billion in financing for Phase 1, Section 2 of the Lagos–Calabar Coastal Highway, a major road project aimed at boosting trade and connectivity along Nigeria’s southern coastline.
The disclosure was made during a panel discussion that included Lagos State Governor Babajide Sanwo-Olu and Nigerian Ports Authority Managing Director Abubakar Dantsoho.
Tricaud said the UAE’s investment relationship with Nigeria had traditionally focused on the energy sector, where Emirati companies are active in both conventional oil and gas and renewable power.
“Nigeria is a major oil and gas country, and we have developed good relationships and done good business with a number of companies in both the public and private sectors,” he said.
However, FAB saw growing opportunities beyond energy, particularly in infrastructure financing. Tricaud cited the Lagos–Calabar coastal road as an example of Nigeria’s ability to attract international capital when projects are well structured.
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“We were absolutely delighted to work very closely with the Ministry of Finance, HITECH and the Chagoury Group to play a meaningful role in financing the Lagos–Calabar coastal project,” he said, adding that construction progress on the project had been faster than expected.
FAB, he said, is working with other international lenders and development finance institutions to mobilise capital through syndication and risk-sharing arrangements, including partnerships with the Islamic Development Bank.
“We have mobilised a significant amount of capital, not on our own,” Tricaud said. “There will be distribution and syndication.”
He said Nigeria’s success in attracting financing for large infrastructure projects could pave the way for additional foreign investment into roads, highways and related sectors.
“That is just the beginning, in my opinion,” Tricaud said. “There will be much more to come in the near future, particularly in infrastructure.”
