The ECOWAS Bank for Investment and Development (EBID) has approved a total of $266.7 million to support major development projects across Nigeria and several West African countries. The funding, which also includes an additional XOF 30 billion facility, is aimed at strengthening infrastructure, industrial growth, and economic resilience across the region.
The decision was reached during the bank’s 95th Board of Directors meeting held on March 30, 2026. According to the institution, the investment reflects its continued drive to promote sustainable and inclusive growth among member states of the Economic Community of West African States (ECOWAS).
A significant portion of the funds will be directed toward Nigeria, where several large-scale projects are set to benefit. Among them is a $100 million allocation for the Lagos–Calabar Coastal Highway, a major infrastructure project expected to improve connectivity across nine coastal states, reduce congestion, and enhance trade activities.
In addition, $91.63 million has been earmarked for transport infrastructure in Bauchi State. This project is designed to modernise road networks, lower transportation costs, and improve access to essential services, particularly in agricultural areas.
Lagos State is also set to benefit from a $50 million investment in waste management facilities. The initiative is expected to improve sanitation, increase recycling capacity, and generate thousands of jobs while reducing environmental and public health risks.
Beyond Nigeria, the funding package extends to other West African nations. In Senegal, a credit facility will be provided to support small and medium-scale enterprises and boost employment, especially among women and young people. Ghana will receive support for a tissue manufacturing plant aimed at reducing import dependence and strengthening local industry.
The Gambia will benefit from investment in agricultural expansion, particularly in poultry and dairy production, while Côte d’Ivoire will receive financial backing to strengthen lending to small businesses and stimulate economic activity.
Speaking on the approvals, the President of EBID, Dr. George Agyekum Donkor, highlighted the broader impact of the projects, stating that they are aligned with long-term development goals across the region. He noted that the bank remains focused on supporting initiatives that create value, improve livelihoods, and foster regional integration.
“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.
Overall, the newly approved investments are expected to drive economic transformation by improving infrastructure, supporting industries, and creating employment opportunities across West Africa. The move also reinforces EBID’s role as a key financial partner in advancing sustainable development and regional cooperation within the ECOWAS bloc.
