Access Bank UK opens in Dubai's DIFC

Essa Kazim, Governor of DIFC, and Jamie Simmonds, chief executive of Access Bank UK, at the event on Wednesday.

The Access Bank UK made Middle East foray on Wednesday by inaugurating its first representative office in Dubai to foster trade between the UAE and Africa.
The largest trade finance Nigerian Bank in the United Kingdom opened its office in Dubai International Financial Centre, or DIFC, to serve the bank's existing clients in the UAE as well as introducing the bank's portfolio of services to companies keen on investing in Nigeria and other parts of Africa directly or through trade finance.
"The economic links between UAE and Africa are already growing and we see this accelerating over the next decade. At The Access Bank UK, we are excited to establish our presence in the UAE in order to foster economic and trade ties between UAE and key African countries including Nigeria," Herbert Wigwe, chairman and and non-executive director of The Access Bank UK, said at the launch event in DIFC.
Essa Kazim, governor of DIFC; Jamie Simmonds, chief executive officer; Alyson Jeans, commercial banking and asset management director and Rola Seifeddine, head of the office in the UAE, among other key executive from The Access Bank UK attended the event.
Kazim said the Access Bank's decision to open a representative office at DIFC reflects "growing status as a platform to access emerging markets' opportunities, and the potential of Dubai and the UAE as a whole to stimulate trade and investment along the South-South economic corridor".
Speaking on the occasion, Simmonds said Nigeria is the world's 24th largest economy, making it a dominant market and a preferred investment destination.
"Over the past few years, businesses in the UAE have shown a natural affinity for expanding presence into Africa, and as a fully licensed independent subsidiary in the UK with a parent bank in Nigeria and with the opening of our Dubai office, we offer a unique and powerful combination to unlock opportunities for businesses who want to invest in Africa," he said.
Olabode Augusto, an independent economist, highlighted that "whilst in the short term the outlook will be tough given the reduction in oil prices there is significant opportunity to invest more in manufacturing, oil and gas and infrastructure, However you must know and understand the terrain and take a medium to long-term view."
"With $30 billion of national reserves, Nigeria has been enjoying one of the fastest GDP growth over the last decade and by 2050, its population is expected to be bigger than that of United States," added Simmonds. "There is a lot of focus on enhancing indigenous production and attracting private investments to aid infrastructure development in Nigeria. Our decision to open an office in the UAE is driven by the increasing keenness of businesses in the UAE to leverage this opportunity and invest in Nigeria and other African countries where The Access Bank UK has strong presence."
- business@khaleejtimes.com