FAB Bank Moves to Open Nigeria Branch
By Patience Ikpeme
First Abu Dhabi Bank is preparing to establish a branch in Nigeria following high-level talks between the Nigerian government and the United Arab Emirates.
The Minister of State for Finance, Dr. Doris Uzoka-Anite, made this disclosure on Friday, noting that the federal government held strategic discussions “with First Abu Dhabi Bank on deepening financial collaboration between Nigeria and the UAE.”
According to the Minister, the move signifies a positive shift in the international perception of the country’s economy. “This engagement reflects growing confidence in Nigeria’s reforms and our commitment to attracting credible global capital to support growth and development,” Uzoka-Anite said.
This expansion comes on the heels of the successful conclusion of the Comprehensive Economic Partnership Agreement (CEPA) announced by President Bola Ahmed Tinubu. The President described the agreement as a historic step that will open doors for expanded trade and deeper cooperation in aviation, logistics, agriculture, and climate-smart infrastructure.
To further drive these interests, Nigeria and the UAE are scheduled to co-host the Investopia summit in Lagos this February. President Tinubu stated that the event would bring together investors, innovators, and policymakers to “transform opportunities into commitment and ideas into investment.”
“We warmly invite our partners to join us and help build the next chapter of sustainable and shared prosperity for Nigeria, Africa, and the world,” the President said.
Addressing the broader economic landscape, the President indicated that Nigeria intends to mobilize up to $30 billion annually in climate and green industrial finance.
He pointed out that electricity remains the foundation of every modern economy and noted that the country understands “the delicate balance between industrialisation and decarbonisation, ensuring neither is pursued at the expense of the other.”
The President also called for a revision of international funding structures to better suit developing nations. “We are calling for a fundamental shift in the global financial architecture: a move away from the restrictive requirement of sovereign guarantees, which unfairly penalise developing economies,” he said. He suggested that the focus should instead shift toward blended finance and first-loss capital mechanisms to protect national balance sheets.
To support these goals, the Nigerian government has moved to strengthen its climate governance framework through the National Carbon Market Activation Policy and a National Carbon Registry.
These steps, according to the President, are designed to improve transparency and build investor confidence in the nation’s green projects.
