The ECOWAS Bank for Investment and Development (EBID) has approved $241.6 million in fresh financing targeted at strengthening Nigeria’s infrastructure backbone, with a focus on transport networks and urban waste management systems.
The approvals, granted at the bank’s 95th Board of Directors meeting held on March 30, 2026, form part of a broader $266.7 million and CFA30 billion regional funding package aimed at driving sustainable and inclusive growth across West Africa.
Nigeria accounted for the largest share of the facility, reflecting its outsized infrastructure deficit and the growing role of development finance institutions in bridging funding gaps amid fiscal constraints.
In a statement, EBID announced: “The ECOWAS Bank for Investment and Development (EBID) has approved $266.7 million and XOF 30 billion to support a portfolio of strategic projects in Nigeria, The Gambia, Ghana, Senegal, and Côte d’Ivoire.
The approvals, granted at the 95th Session of the Board of Directors held on 30 March 2026, underscore the bank’s continued commitment to advancing sustainable, inclusive, and resilient development in the region.”
A significant portion of the funding $100 million has been earmarked for the Lagos-Calabar Coastal Highway, a flagship corridor expected to link nine coastal states, improve regional connectivity, and reduce logistics bottlenecks that continue to inflate the cost of moving goods across the country.
In Lagos, EBID also approved $50 million for the development of modern waste management facilities under a public-private partnership arrangement.
The project is expected to expand recycling capacity, raise recycling rates to about 45 per cent, and generate more than 5,000 jobs, while producing approximately 60,000 tonnes of organic compost annually.
“Transport infrastructure development in Bauchi State, Nigeria, $91.63 million, 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.
Speaking on the approvals, President of EBID, George Agyekum Donkor, said the bank remains focused on financing projects that deliver long-term economic value across member states.
“These interventions reflect our ambition to support Member States in structuring value-creating projects that are fully aligned with the Sustainable Development Goals.
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 said.
While the broader funding package also covers projects in Senegal, Ghana, Côte d’Ivoire, and The Gambia including SME financing, agro-industry expansion, and manufacturing Nigeria’s allocation underscores its central role in the region’s development financing landscape.
Nume Ekeghe
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