The ECOWAS Bank for Investment and Development has sanctioned $266.7 million for key development projects across West Africa, including a $100 million allocation for Nigeria’s Lagos–Calabar Coastal Highway.
This was disclosed in a statement posted on the Bank’s website on April 2, 2026.
EBID stated that the approvals were made during its 95th Board of Directors meeting on March 30, 2026.
In Nigeria, the Bank also greenlit $50 million for waste management facilities in Lagos, targeting increased recycling, job creation, and reduced environmental and public health hazards.
An additional $91.63 million was approved to advance transport infrastructure in Bauchi State.
EBID President and Board Chairman, George Agyekum Donkor, said at the meeting’s opening that these funding decisions are in line 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 emphasis on critical sectors is expected to strengthen regional growth and enhance 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,” he noted.
A detailed breakdown of the approvals reveals that Nigeria secured the largest portion, with three projects totaling more than $241 million.
These allocations comprise $100 million for the Lagos–Calabar Coastal Highway, $91.63 million for transport infrastructure in Bauchi State, and $50 million for waste management facilities in Lagos.
Outside Nigeria, Senegal obtained a credit line of XOF 20 billion to support SMEs and industrial development, while Côte d’Ivoire received XOF 10 billion via Afriland First Bank Côte d’Ivoire to enhance financing for small businesses.
In Ghana, EBID approved $15 million for a tissue paper manufacturing facility to curb import dependence and promote industrialisation.
The Gambia was allocated $10.04 million to expand poultry and dairy operations under G Farms Ltd., aiming to boost food security and reduce reliance on imports.
The recent approvals follow exactly one year after EBID’s Board authorized a combined financing package of €230 million and $10 million to promote socio-economic development across West Africa.
Under that package, the Bank had approved a $50 million credit line to Sterling Bank Limited to support SMEs in sectors including health, education, agriculture, renewable energy, and transport.
