As part of its growth into sub-Saharan Africa, First Abu Dhabi Bank has disclosed plans to open a representative office in Lagos.

Martin Tricaud, the bank's Group Head of Wholesale Banking, made the news on Monday during the inaugural Investopia Africa event in Lagos.

According to The Punch, the bank also worked with Afreximbank to obtain $1.126 billion in finance for Phase 1, Section 2 of the Lagos–Calabar Coastal Highway project.

Speaking at a panel session alongside Lagos State Governor Babajide Sanwo-Olu and the Managing Director of the Nigerian Ports Authority, Abubakar Dantsoho, the banker said the group presently operates in 21 countries and would soon expand to 22 with its debut into Nigeria.

He explained that the decision followed extensive research and careful consideration, adding that the bank already has operations in Egypt and Libya, reinforcing its commitment to expanding across Africa.

However, our geographic footprint was clearly lacking. After looking at Africa, we concluded that the continent truly holds the key to the global economy's future. The GDP of this continent is increasing by six to eight percent annually.

The current population of 1.4 billion people is expected to increase to two billion, or at least 1.8 billion, in the coming decades. Thus, there is a chance. We studied numerous possibilities and concluded that Nigeria, and Lagos in particular, presents a wonderful opportunity to build our first presence in sub-Saharan Africa. Thus, a representative office will be established. That should occur this month, next, or very, very soon.
Tricaud remarked.

Tricaud further explained that the representative office would be used to grow the bank’s operations in Nigeria while also serving the wider West African market.

“but also to cover the entire West African region. So, in our view, this is a regional representative office that we will operate from Lagos, recognising the regional role of Lagos as a financial hub,” he added.

Speaking on investments by the United Arab Emirates in Nigeria, Tricaud said, “The UAE is very strong in the energy sector, both conventional and renewable. So, it was very natural for us to look first at energy. Nigeria is a major oil and gas country and we have developed good relationships and done good business with a number of companies in the public and private sectors.

“That was good, but we felt there were more opportunities. You mentioned the Coastal Road, and 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. I visited the work site a few months ago and was very impressed with the speed of construction and the impact it will have on the local economy.”

He further observed that the bank partners with other stakeholders to generate funding for projects across the region.

"We have mobilised a significant amount of capital, not on our own," he said. Distribution and syndication will take place. We have also done this with partners from the Islamic Development Bank. It proves that Nigeria can attract international finance into infrastructure. I think that's only the beginning.

“There will be much more to come in the near future, particularly in infrastructure; roads, highways and related projects.”