DEG to pool activities in the West African countries with new representative office in Lagos

DEG to pool activities in the West African countries with new representative office in Lagos

COLOGNE, 8-Nov-2019 — /EuropaWire/ — DEG – Deutsche Investitions- und Entwicklungsgesellschaft opens a representative office in Lagos. The new office in Nigeria’s economic hub will pool DEG’s activities in the West African countries.

Nigeria is one of the largest economies and the most populous country on the African continent. Nigeria generates around one quarter of the economic output of sub-Saharan Africa. The country has 200 million inhabitants, mostly young people. In the recent years, the country has developed a growing middle class with increasing purchasing power.

Lagos office becomes representative office for West Africa

DEG recognises the strategic importance that Nigeria and West Africa have for the continent’s further development by further expanding its office in Lagos.

Monika Beck, member of DEG’s Management Board, on the occasion of the opening in Lagos, commented: “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.”

“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,” explained Dr. Stefan Traumann, Consul General of the Federal Republic of Germany in Lagos.

Increased financing and advice for private companies

Currently, DEG has a portfolio of some EUR 140 million in Nigeria. DEG offers customised advice and tailored financing solutions particularly to medium-sized enterprises. One of the companies financed is the biscuit manufacturer Beloxxi, a family company founded in 1994.

DEG together with its long-standing customer Access Bank 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. In cooperation with the local German Chamber of Commerce Abroad (AHK), it has been offering one-stop banking services and financing opportunities since 2017.

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 has five locations in Africa; aside Lagos, it has offices in Accra (Ghana), Nairobi (Kenya), Johannesburg (South Africa) and Abidjan (Côte d’Ivoire), opened in 2018. DEG is represented at 21 locations in Africa, Asia, Latin America and Eastern Europe, including its headquarters in Cologne. Furthermore, it has access to a network of around 80 offices within KfW Group as its subsidiary.

For more information, please contact:

DEG Press Office

Barbara Schrahe-Timera
Phone +49 221 4986 1855
Fax +49 221 4986 1843
eMail presse@deginvest.de

SOURCE: DEG

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