First Abu Dhabi Bank, the United Arab Emirates’ largest lender, plans to open a representative office in Nigeria as it deepens its push into sub-Saharan Africa, betting on Africa’s most populous country to anchor its regional expansion.
The bank, one of the world’s largest and highest-rated financial institutions, expects to establish the Lagos office in the coming weeks, Martin Tricaud, Group head of Wholesale Banking at First Abu Dhabi Bank, said Monday at the Investopia Africa conference in Lagos.
The planned Nigeria entry follows the bank’s growing involvement in the country’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, one of Nigeria’s flagship infrastructure projects.
“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.”
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Nigeria will become the bank’s 22nd country of operation, adding to its footprint across the Middle East, Europe, Asia and North Africa, where it already operates in Egypt and Libya.
First Abu Dhabi Bank has historically focused its Nigeria exposure on energy, reflecting the UAE’s deep expertise across conventional and renewable energy, Tricaud said. Nigeria’s position as a major oil and gas producer helped the lender build relationships with both public and private-sector counterparties.
“But we felt there were more opportunities,” he said, citing infrastructure development as a key growth area.
Tricaud said the bank worked closely with Nigeria’s Ministry of Finance, construction firm Hitech, and the Chagoury Group to structure financing for the Lagos–Calabar coastal road, adding that the project’s pace of construction and potential economic impact stood out during a recent site visit.
The lender is also using syndication and partnerships to mobilise international capital into Nigeria, including collaboration with 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 said the coastal road financing is only an initial step, with further investments expected in roads, highways and related infrastructure projects.
Speaking on a panel alongside Babajide Sanwo-Olu, Lagos State governor and Abubakar Dantsoho, managing director, Nigerian Ports Authority, Tricaud said Africa’s demographic and economic trajectory underpinned the bank’s expansion strategy.
Africa’s population of about 1.4 billion people is projected to approach two billion in coming decades, while economic growth across the continent is expected to outpace many developed markets, he said.
