Nigeria is on the verge of paying another $100 million to the ECOWAS Bank for Investment and Development (EBID) to aid its developmental projects across the sub-region.
According to the News Agency of Nigeria (NAN) EBID President, Dr George Donkor, disclosed this during an interactive session with heads of ECOWAS institutions and specialised agencies at the ongoing First Ordinary Session of ECOWAS Parliament in Abuja.
The interactive session was to enable the bank to present its progress report and vision for regional integration, economic transformation, and sustainable development.
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He also disclosed that Nigeria is the largest shareholder in the regional financial institution, with approximately 33% of total shares, followed by Ghana and Ivory Coast, respectively.
“Nigeria is the biggest contributor to EBID. Nigeria is in the process of even paying 100 million dollars to the bank,” he said.
Over $2.5 billion disbursed so far
Donkor, who was represented by the bank’s Director of Research and Strategic Planning, MacDonald Goanue, said that EBID had within 26 years positioned itself as the financial backbone of the ECOWAS region.
According to him, the Bank had disbursed more than 2.5 billion dollars supporting about 300 projects across the ECOWAS subregion since its inception in 1999.
“In 2024 alone, the Bank approved 10 new projects worth UA 330. 76 million (439.74 million dollars) and appraised 21 additional projects,” he said.
- He reaffirmed the institution’s commitment to regional development through its strategic investments in infrastructure, energy, health, agriculture, education, and digital transformation across West Africa.
- Donkor said the bank’s key flagship initiatives included connecting electricity networks between Mali and Côte d’Ivoire; solar electricity for 750 community facilities in Benin; and the construction of a vital bridge linking AIBD to Blaise Diagne Airport in Senegal.
- He added that EBID also boosted Medium, Small and Micro Entrepreneurs (MSMEs) financing, supported public-private partnerships, especially in agro-processing and manufacturing, among others, across the ECOWAS subregion.
“The number of projects benefiting from disbursements increased from 56 in 2023 to 77 in 2024.
“The annual loan disbursement rate was approximately 20.54 per cent in 2024, slightly down from 21.58 per cent in 2023,” he said.
The bank’s president stressed that the partnership between EBID and the ECOWAS Parliament was essential to realising a stable, prosperous, and integrated sub-region.
Projects in Nigeria
According to the EBID President, the Bank has also financed several private projects in Nigeria in partnership with the Bank of Industry.
“We have done business with commercial banks and so on, so we do a lot in Nigeria,” he added.
The bank’s president also disclosed that the Indian government availed it about one billion dollars facility to fund infrastructure, energy, transport, and private sector development across West Africa from 2006 to date.
Donkor further explained that EBID is not a commercial bank, and does not take deposits, adding that its operations rely mainly on Member States’ contributions and international financing facilities.
What you should know
Nairametrics recently reported that the Board of Directors of the EBID had approved a combined financing package of €230 million and $10 million to stimulate socio-economic growth and regional development across West Africa.
- Part of the package includes a $180 million credit line to Mota-Engil Nigeria to support the Kano-Maradi standard gauge railway project.
- This strategic infrastructure will link Northern Nigeria to the Republic of Niger, enhancing cross-border trade, economic integration, and mobility.
- The rail project is projected to create over 100,000 jobs during the construction phase and 20,000 permanent jobs once operations commence.
