MCB targets growth in Africa’s largest economy with Lagos launch
Mauritius Commercial Bank (MCB) has officially opened its representative office in Lagos, Nigeria, reinforcing its ambition to expand its African footprint and bridge the continent with key international markets. This move comes as Nigeria, despite persistent economic volatility, remains a compelling long-term bet for investors.
With an estimated GDP of USD 363.85 billion in 2024, Nigeria continues to rank as Africa’s largest economy. The World Bank projects that growth will accelerate to 3.5% in 2025, driven by recovery in domestic demand and renewed momentum in the services sector. Inflation, which climbed to 33.88% in October 2024, is expected to ease to 25% in 2025, according to the IMF, as fiscal and monetary reforms begin to take effect.
At the centre of Nigeria’s commercial life is Lagos—home to over 20 million people and a city that accounts for more than 25% of the country’s GDP. It is the nerve centre of West Africa’s financial sector and attracts more than 80% of Nigeria’s foreign direct investment, making it a strategic launchpad for institutions like MCB.
For Abiodun Azeez, who was recently appointed Chief Representative Officer in Nigeria, MCB’s expansion into Lagos is both timely and deliberate. “Nigeria’s economic reforms and demographic scale present a unique opportunity. What businesses need right now is a reliable, long-term financial partner that understands regional complexity and cross-border dynamics,” he says.
Abiodun Azeez, Chief Representative Officer, Lagos, Nigeria
Abiodun, who previously led Africa coverage for a Middle Eastern bank before joining MCB’s Dubai office, brings years of experience at the intersection of African and MENA capital flows. At MCB, he helped build bridges between Middle Eastern investors and African opportunities—insight that will now inform the bank’s strategy in West Africa’s largest market. “The prevailing macroeconomic conditions in Nigeria present an opening for the Mauritian International Financial Centre (MIFC) to act as a strategic platform for inward investment,” he explains. “I believe MCB and the MIFC have the capabilities to help channel the capital Nigeria needs to reignite growth and reach its ambition of becoming a USD 1 trillion economy by 2030.”
MCB’s Lagos office will allow the bank to deepen engagement with its existing client base in oil and gas and financial services, while building new relationships across key sectors such as manufacturing, telecommunications, trading, private equity, and FinTech. Despite challenges like exchange rate volatility and infrastructure deficits, Abiodun remains confident.
“Our approach is relationship-based. We’re not just offering products—we’re offering presence, insight, and partnership across regions. From trade finance to treasury solutions, MCB can deliver competitive value to Nigerian corporates,” he says.
Thierry Hebraud, Chief Executive Officer of MCB Ltd, describes the Lagos office as a critical piece of MCB’s pan-African strategy. “Abiodun Azeez’s appointment is a key milestone in our growth journey. His understanding of the regional ecosystem will drive meaningful partnerships and help us deliver on our mission to connect Africa with global capital,” Thierry says.
He also sees the move as aligned with Mauritius’ broader vision to position itself as a leading financial gateway for investment into Africa. “This initiative is not just about Nigeria. It’s about deepening the relevance of the Mauritian IFC in Africa’s future. We believe in the continent’s potential and in our ability to contribute to its development through strategic engagement,” Thierry adds.
With the representative office now set-up in Lagos, the bank is betting on a city that has long served as Africa’s financial and entrepreneurial powerhouse. In doing so, it is signalling confidence in Nigeria’s reform trajectory and placing itself at the heart of the region’s next phase of growth.
