West Africa: DEG Opens Office in Nigeria to Boost West Africa's Operations

Deutsche Investitions-und Entwicklungsgesellschaft(DEG), has now opened a representative office in Lagos to pool DEG’s activities in the West African region.

DEG is a development finance institution(DFI) which offers customised advice and tailored financing solutions particularly to medium-sized enterprises.

Speaking at the occasion, the Consul General of the Federal Republic of Germany in Lagos said, Dr. Stefan Traumann, said: “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.”

DEG Regional Director, Mr. Bernhard Tilemann, also reiterated that the DFI recognised the strategic importance of Nigeria as well as West Africa and outlined plans to actively increase its portfolio throughout the West African region by delivering more sustainable impact-giving transactions.

“DEG’s portfolio in West Africa amounts to about €650 million and for instance, DEG recently committed its first financing for a local bank in Côte d’Ivoire, NSIA Banque Côte d’Ivoire S.A. Another company DEG has financed is the biscuit manufacturer Beloxxi, a family company founded in 1994,” Tilemann said.

DEG currently has a portfolio of about €140 million in Nigeria and 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).

According to Board member of DEG, Monika Beck, “With our office in Lagos, we are able to set an example for this key African country 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”.

By Goddy Egene

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