DEG opens representative office in Nigeria
Press Release from 2019-11-08 / DEG
Nigeria is one of the largest economies on the African continent. The country generates around one quarter of the economic output of sub-Saharan Africa. With 200 million inhabitants, mostly young people, it is the most populous country in Africa. A growing middle class with increasing purchasing power has developed here in recent years. DEG - Deutsche Investitions- und Entwicklungsgesellschaft, has now opened a representative office in Lagos, Nigeria’s economic hub, to pool DEG’s activities in the West African countries.
Lagos office becomes representative office for West Africa
By further expanding its office in Lagos, DEG recognises the strategic importance that Nigeria and West Africa have for the continent's further development. "With our office in Lagos, we are able to set an example for this African key region and the potential it offers. As a partner of private companies we wish to promote sustainable development in the country. In doing so, we help create qualified jobs that offer prospects, especially for young people", said Monika Beck, member of DEG’s Management Board, on the occasion of the opening in Lagos.
Dr. Stefan Traumann, Consul General of the Federal Republic of Germany in Lagos, emphasised: “We are very pleased that DEG has chosen Lagos as location for its new representative office. The new office will help promote economic relations between Germany, Nigeria and West Africa. We very much look forward to the cooperation, especially with regard to German companies coming here to do business.”
Increased financing and advice for private companies
DEG offers customised advice and tailored financing solutions particularly to medium-sized enterprises. DEG currently has a portfolio of some EUR 140 million in Nigeria. One of the companies financed is the biscuit manufacturer Beloxxi, a family company founded in 1994.
Together with its long-standing customer Access Bank, DEG also runs the “German Desk - Financial Support and Solutions” in Lagos, which serves as a central point of contact for German SMEs and their local partners. Since 2017 it has been offering one-stop banking services and financing opportunities, in cooperation with the local German Chamber of Commerce Abroad (AHK).
DEG's portfolio in West Africa amounts to some EUR 650 million. For instance, DEG recently committed its first financing for a local bank in Côte d'Ivoire, NSIA Banque Côte d'Ivoire S.A.
DEG present at 21 locations worldwide
DEG is represented at five locations in Africa; next to Lagos it has offices in Accra (Ghana), Nairobi (Kenya), Johannesburg (South Africa) and Abidjan (Côte d’Ivoire), opened in 2018. In total DEG is represented at 21 locations in Africa, Asia, Latin America and Eastern Europe, including its headquarters in Cologne. Moreover, as a subsidiary of KfW, it has access to a network of around 80 offices within KfW Group.