The President of the African Development Bank (AfDB), Akinwunmi Adesina, has confirmed that his institution, in collaboration with others, will mobilize $15 billion for the construction of the Lagos-Abidjan Highway project.
Adesina made this announcement on Friday in Abuja during the 90th birthday celebration of former Head of State, General Yakubu Gowon.
The Lagos-Abidjan Highway corridor, overseen by the Economic Community of West African States (ECOWAS), will handle 80% of the region’s trade, according to Adesina.
He added that upon completion, the project will strengthen transport connections between Nigeria and the rest of West Africa.
“The bank is mobilizing now support for the development of the railway line, connecting Kano to Maradi in the Niger Republic.
“On a significant note, the African Development Bank has provided $12.6 million to my brother, the president of the ECOWAS commission to support a feasibility study for the Lagos-Abidjan corridor highway.
“As a bank, we and other institutions will help to mobilize the $15 billion necessary to finance that corridor which carries over 80% of the trade in the region.
“When completed, the corridor will enhance transport connections between Nigeria to the rest of the West African region,” Adesina said.
AfDB’s other investment stride in infrastructure
In addition, the president of the international financial institution listed some of their various investments to drive infrastructure growth in the country.
Adesina said the bank has helped raise over $300 million for the Enugu to Cameron project.
He also mentioned that AfDB invested over $40 million in the Lekki toll road to reduce congestion and slash the cost of traffic.
“To strongly support African social and economic growth, the African Development Bank invests heavily in infrastructure. For the last eight years alone, we have invested over $55 billion dollars in infrastructure.
“This includes roads and highways, transport corridors, seaports, airports, ICT infrastructure and regional power transmission networks. The African Development Bank has invested $389.3 million in the highway connecting Enugu to Bamenda in Cameron.
“This transport corridor will serve 11 billion people. Also, we have invested $49.5 million in the Lekki toll road, easing traffic and lowering transport costs,” he said.
What you should know
- The Lagos-Abidjan highway project is a critical infrastructure initiative set to enhance regional economic integration by connecting five West African countries—Côte d’Ivoire, Ghana, Togo, Benin Republic, and Nigeria—through a 1,068-kilometer highway that will traverse eight border towns, starting at Eric Moore in Lagos and ending in Abidjan, Côte d’Ivoire.
- The project, one of the largest infrastructure designs in West Africa, is estimated to cost about $15 billion when it is completed.
- It is expected to carry over 500,000 passengers daily and significantly boost trade, tourism, and economic activities within the region.
- The Lagos-Abidjan Corridor Highway is part of the broader Dakar-Lagos Corridor, one of the flagship development programs of the Economic Community of West African States (ECOWAS) and is expected to be a key driver of regional integration.