The ECOWAS Bank for Investment and Development (EBID) has approved $100 million in funding for the construction of the Lagos-Calabar coastal highway project.
The approval was part of a broader financing package
announced by the bank at its 92nd ordinary session meeting held on June 30,
2025.
The construction of the highway began in March, 2024, with
the first phase, a 47.47 kilometres of dual carriageway, awarded to Hitech
Construction Company Ltd.
In a statement published on its website, the EBID said its
board of directors approved a total of €174 million and $125 million to
projects aimed at boosting economic growth and industrial development across
West Africa.
“A USD 100 million Lagos-Calabar coastal motorway project,
in the Federal Republic of Nigeria,” EBID said.
“This project, which spans 47.7 km, will link nine Nigerian
states, improve access to seaports and isolated agro-industrial areas, and
contribute to the emergence of a regional value chain to help coastal
communities.”
EBID APPROVES FUNDING
FOR OTHER PROJECTS ACROSS WEST AFRICA
Aside from the Nigerian project, EBID said funding was also
approved for several other projects across the subregion.
The bank approved €50 million for the construction and
equipping of six technical and vocational training centres in Togo, to be
executed by Planet One.
The EBID said the initiative is designed to provide young
people in Togo with skills needed across various industries, with an estimated
3,480 trainees expected to benefit annually, contributing to a more competitive
and skilled workforce.
In addition, the ECOWAS Bank approved $25 million to support
Société de Ciment de Côte d’Ivoire in importing 400,000 tonnes of clinker.
The project, the bank said, is expected to boost the
availability of cement products in Côte d’Ivoire.
“A EUR 28.9 million project to modernise and bring up to
standard four (4) agricultural high schools in the Republic of Guinea. This
multi-sectoral development project will help to improve the employability of
Guinea’s young people and provide a structural solution to youth unemployment,”
the statement reads.
“A EUR 95.163 million project to build three hydroelectric
micro-power stations (30 MW) with SOGEOH at Poukou, Bolokoun, and Biwbaw in the
Republic of Guinea. This project aims to harness local hydraulic potential in
areas with poor access to power to produce renewable energy, thereby improving
living conditions and generating economic activity to benefit rural
populations.”
The bank noted that the newly approved commitments align
with key United Nations sustainable development goals (SDGs), including quality
education (SDG 4), affordable and clean energy (SDG 7), and industry,
innovation, and infrastructure (SDG 9).
The bank said the investments are also consistent with its
strategic vision of promoting inclusive, resilient, and sustainable development
across the ECOWAS region.
With the investment, according to the statement, the EBID’s
total commitments in West Africa have now exceeded $5 billion.
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