• VP Shettima rallies EU, Asian partners for economic rebirth
Lagos has been selected as host city of European Bank for Reconstruction and Development’s (EBRD’s) first office in West Africa, it was learnt yesterday.
The development was announced at the State House in Abuja, during a courtesy visit by Ambassador Gautier Mignot, Head of the European Union Delegation to Nigeria and the Economic Community of West African States (ECOWAS).
Nigeria officially became the EBRD’s 77th shareholder in February, following the bank’s limited and incremental expansion to sub-Saharan Africa as approved by its Board of Governors in 2023.
Vice President Kashim Shettima, who received the EBRD team, described the development as boost to Nigeria’s investment profile and international partnerships.
“It is a powerful symbol of confidence in President Bola Ahmed Tinubu’s bold economic reforms and Nigeria’s growing appeal as a destination for foreign investment”, Shettima said.
Read Also: An anatomy of the Delta PDP defections
A statement issued by Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications quoted Shettima as praising EU’s longstanding support and expressed gratitude for its humanitarian and stabilisation efforts, particularly in the conflict-affected Northeast region.
He hailed EU’s longstanding support, highlighting the growing opportunities for cooperation in trade, investment, and youth empowerment.
It reads: “You are our natural partners and allies. Beyond the geography that binds us, we have a cultural affinity that goes back centuries.”
On the bold steps being taken by the President, Shettima noted that Nigeria was entering a new phase of economic openness.
He said: “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.”
Welcoming the EBRD’s expansion into Nigeria, Shettima said the opening of its Lagos office is a symbolic and strategic development for both parties, as “it will send a message across the borders.
“More than ever before, Nigeria is ready for business,” he added.
“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,” the vice president said.
Mignot said given the turmoil and very difficult political climate globally, it is important to have a reliable relationship with Nigeria, noting that the EU sees Nigeria as a key partner in the 21st century.
Mignot explained that all the EU ambassadors in Nigeria have met to reaffirm their partnership with Nigeria.
He stated that the EU is a strong supporter of the UN Charter, the Sustainable Development Goals, and global gender equality initiatives of the international community.
Also yesterday, Shettima applauded the proposal for partnership between Nigeria and the Asia Economic Development Committee (AEDC) of South Korea for solar equipment and electric vehicle manufacturing, as well as for advanced Information Technology for security enhancement in Nigeria.
He said Nigeria was ready for partnerships that would advance the industrialisation agenda of the administration and improve the lives of the citizens.
He spoke when he received a delegation from the AEDC South Korea led by its Chairman, Mr. Yoon Suk-hun, on a courtesy visit to the Presidential Villa, Abuja.
He commended South Korea’s commitment to the development of Africa, given their shared history, just as he praised the country’s investments in human resource development and technological advancement, especially in automobile manufacturing and the alternative energy sector.
Leader of the delegation, Mr Suk-hun, said the delegation was in the country to explore areas of partnership in solar technology, electric vehicle manufacturing and information technology infrastructure for security enhancement, among others.
He said the AEDC believes in the present leadership of the country to harness the enormous potential there, leveraging technology and the resources that abound across the country.
Suk-hun said the organisation’s proposal for investment in Nigeria was not for profit maximisation but to ensure the transfer of technology in key areas, including solar technology, electric vehicle manufacturing and information technology capacity for security enhancement.
Also present at the meeting were the Founder/Chairman of AMMASCO Group, Alhaji Mustapha Muhammad; Shin Kyeong-seub; Kim Se Hun and Yang Jin Won, all from the AEDC.