The ECOWAS Bank for Investment and Development (EBID) has approved a total of $266.7 million for strategic projects across West Africa, with $100 million earmarked for the Lagos–Calabar Coastal Highway in Nigeria.
The approval was disclosed in a statement published on the Bank’s website on April 2, 2026.
EBID noted that the funding was granted during its 95th Board of Directors meeting held on March 30, 2026.
In Nigeria, the Bank also approved $50 million for the construction of waste management facilities in Lagos, aimed at improving recycling capacity, creating jobs, and reducing environmental and public health risks.
Additionally, $91.63 million was approved for transport infrastructure development in Bauchi State.
What they are sayingÂ
Speaking at the opening of the meeting, EBID President and Chairman of the Board, George Agyekum Donkor, said the approvals align with the Bank’s long-term development strategy.
- “These interventions reflect our ambition to support Member States in structuring value-creating projects that are fully aligned with the Sustainable Development Goals,” he said.
He added that the Bank’s focus on key sectors would deepen regional growth and resilience.
- “By investing in infrastructure, agro-industry, environmental management, and industrial transformation, we are strengthening the foundations of a more resilient, inclusive, and integrated growth trajectory within West Africa.”
More insights
A breakdown of the approvals shows Nigeria received the largest share of the funding, with three projects totalling over $241 million.
These include $100 million for the Lagos–Calabar Coastal Highway, $91.63 million for transport infrastructure development in Bauchi State, and $50 million for waste management facilities in Lagos.
For the transport infrastructure, the bank notes:
- “Aligned with the National Development Plan, this programme will modernise road infrastructure, reduce logistics costs, improve access to essential services, open up agricultural zones, and incorporate climate-resilient construction techniques.”Â
Beyond Nigeria, Senegal secured XOF 20 billion as a credit line to support SMEs and industrial growth, while Côte d’Ivoire received XOF 10 billion through Afriland First Bank Côte d’Ivoire to boost financing for small businesses.
In Ghana, EBID approved $15 million for a tissue paper manufacturing plant to reduce import dependence and support industrialisation. The Gambia received $10.04 million to expand poultry and dairy operations under G Farms Ltd., aimed at strengthening food security and reducing reliance on imports.
What you should know
The latest approvals come exactly one year after EBID’s Board sanctioned a combined financing package of €230 million and $10 million to drive socio-economic growth across West Africa.
- As part of that funding, the Bank approved a $50 million credit line to Sterling Bank Limited to support SMEs across sectors such as health, education, agriculture, renewable energy, and transport.
- In July 2025, EBID also approved $100 million for a 47.7-kilometre section of the Lagos–Calabar Coastal Highway, underscoring its continued backing for the project.
The Lagos–Calabar Coastal Highway is a 700-kilometre superhighway expected to connect nine coastal states, with an estimated cost of N15 trillion, aimed at boosting trade, connectivity, and economic integration across Nigeria’s southern corridor.
