ECOWAS approves $266.7m for key W’African projects, Nigeria takes largest share

THE ECOWAS Bank for Investment and Development (EBID) has committed $266.7 million to fund a range of development projects across West Africa, with Nigeria emerging as the biggest beneficiary. Of this amount, $100 million is allocated to the Lagos–Calabar Coastal Highway project.

Details of the funding were made public in a statement released on the bank’s website on Thursday, April 2. The approvals were finalised during EBID’s 95th Board of Directors meeting held on March 30, 2026.

A significant portion of the funding will go to projects within Nigeria. This includes $50 million set aside for the development of waste management infrastructure in Lagos to boost recycling efforts, generate employment, and address environmental concerns. Another $91.63 million has been earmarked for transport infrastructure upgrades in Bauchi State.

Speaking at the meeting, EBID President and Chairman, George Agyekum Donkor, said the financing decisions reflect the bank’s commitment to long-term development priorities across member countries.

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According to him, the projects are designed to align with the Sustainable Development Goals while promoting value creation. He added that investments across sectors such as infrastructure, agro-industry, environmental sustainability, and industrial development are critical to building a stronger and more inclusive regional economy.

A closer look at the allocations shows that Nigeria secured over $241 million across three major projects, the coastal highway, Bauchi transport development, and Lagos waste management initiative, making it the largest recipient in this funding round.

On the Bauchi project, EBID noted that the initiative aligns with Nigeria’s National Development Plan and is expected to improve road networks, lower transportation costs, enhance access to services, unlock agricultural potential, and integrate climate-resilient construction methods.

Outside Nigeria, Senegal received a credit facility of XOF 20 billion to support small and medium-sized enterprises and industrial expansion. Côte d’Ivoire was granted XOF 10 billion through Afriland First Bank Côte d’Ivoire to improve access to financing for small businesses.

In Ghana, the bank approved $15 million for the establishment of a tissue paper manufacturing plant aimed at reducing reliance on imports and strengthening local industry. Meanwhile, The Gambia secured $10.04 million for the expansion of poultry and dairy operations under G Farms Ltd., a move expected to enhance food security and cut import dependence.

The latest round of approvals comes one year after EBID authorised a combined €230 million and $10 million package to support economic growth in the region.

Part of that earlier funding included a $50 million credit line to Sterling Bank Limited to boost lending to SMEs across sectors such as healthcare, education, agriculture, renewable energy, and transportation.

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In July 2025, EBID had also approved $100 million for a 47.7-kilometre segment of the Lagos–Calabar Coastal Highway, highlighting its continued financial backing for the project.

The Lagos–Calabar Coastal Highway, a proposed 700-kilometre road network linking nine coastal states, is estimated to cost N15 trillion and is expected to enhance trade, improve connectivity, and drive economic integration along Nigeria’s southern corridor.