First Abu Dhabi Bank (FAB), the UAE’s largest bank, has announced plans to open a branch in Nigeria, signaling a significant deepening of financial and economic relations between the two nations.
The move follows high-level discussions between Nigerian officials and the Abu Dhabi-based institution, as confirmed by Nigeria’s Minister of State for Finance, Dr. Doris Uzoka-Anite, via her official social media channel. According to the minister, the bank’s planned entry reflects growing investor confidence in Nigeria’s economic reforms and its commitment to attracting global capital.
This development aligns with the recent conclusion of a Comprehensive Economic Partnership Agreement (CEPA) between Nigeria and the UAE, described by President Bola Ahmed Tinubu as a “historic and strategic agreement” poised to expand trade, sustainable investment, and cooperation in sectors such as aviation, logistics, and agriculture.
Further reinforcing bilateral engagement, Nigeria and the UAE will co-host the global investment platform Investopia in Lagos this February, aiming to translate opportunities into firm investment commitments.
During recent remarks, President Tinubu also outlined Nigeria’s ambition to mobilize up to $30 billion annually in climate and green industrial finance, emphasizing the country’s balanced approach to industrialization and decarbonization. He called for reforms to the global financial architecture to improve developing nations’ access to sustainable capital and highlighted Nigeria’s efforts to strengthen its climate governance through a new Carbon Market Activation Policy and National Carbon Registry.
The establishment of FAB in Nigeria is expected to support these objectives by enhancing access to international finance, facilitating cross-border trade, and fostering closer financial collaboration between Nigeria and the Gulf region.
