EBRD Targets $1.5 Billion Investment in Nigeria Over Three Years

The European Bank for Reconstruction and Development (EBRD) has announced plans to invest at least $1.5 billion in Nigeria over the next three years. The bank made the disclosure after officially opening its first Sub-Saharan Africa office in Lagos on Friday.

EBRD Commits $280 Million in Less Than One Year

Since Nigeria became a shareholder in July 2025 and attained country of operations status in October 2025, the EBRD has already committed $280 million to projects in the country. According to the bank, $100 million was invested last year, while $180 million has been deployed since the beginning of this year.

Speaking during a media chat after the Lagos office opening, EBRD managing director for Sub-Saharan Africa, Heike Harmgart, said Nigeria has quickly become one of the bank's priority markets. She noted that the lender remains optimistic about expanding its investment footprint as more bankable projects emerge.

No Fixed Ceiling, But Strong Momentum Expected

Harmgart explained that the EBRD does not operate with a fixed investment envelope for Nigeria. “We are very demand-driven, we are working on projects as they come. We don't have an envelope that says Nigeria we will do X in 2026, or we can maximally do this amount. If we have lots of good projects, we will do lots of investments,” she said.

She added that the bank is still learning the market. “We still have to learn a lot as we are new and just opened our office and have only recently started building the team.”

For this year, Harmgart projected around $300 million in investments. “Over the next three years, our expectation is that we would do a minimum of total over three years of $1.5 billion. That is an estimate and I hope we do more,” she said.

Strong Support from Nigerian Government

Harmgart revealed that the Nigerian Minister of Finance, who now represents Nigeria on the EBRD board, has urged the bank to scale up its activities. “He is now representing Nigeria on board, so I think we want to respond. We have capital, of course, we want to work on good projects, and we are willing to take some risks, but we also have to be balancing how much risk we are taking,” she said.

The EBRD only became eligible to finance projects in Nigeria after the country became a shareholder in July 2025. Before that, the bank could not work in Nigeria because the country was not a shareholder.

For the naira and Nigerian businesses, the EBRD's increased presence signals a potential boost in foreign capital inflows into infrastructure, trade finance, and private sector projects. If the bank meets its $1.5 billion target, it could ease pressure on the foreign exchange market and provide long-term financing options for local companies.