April 03, (THEWILL) — The ECOWAS Bank for Investment and Development (EBID) has approved $266.7 million to finance strategic projects across West Africa, with Nigeria emerging as the biggest beneficiary of the funding package.
The approvals were announced in a statement published on the Bank’s website on April 2, 2026, following its 95th Board of Directors meeting held on March 30, 2026.
A breakdown of the financing shows that Nigeria will receive over $241 million for three major projects spanning transport infrastructure and environmental management.
The largest allocation $100 million will support the Lagos–Calabar Coastal Highway, a flagship infrastructure project expected to boost connectivity and economic activities along Nigeria’s southern corridor.
In addition, $91.63 million was approved for transport infrastructure development in Bauchi State, aimed at improving mobility and unlocking regional economic potential.
EBID also committed $50 million to fund waste management facilities in Lagos, a move expected to enhance recycling capacity, create jobs, and address environmental and public health challenges in the state.
Speaking at the meeting, EBID President and Chairman of the Board, George Agyekum Donkor, said the approvals align with the Bank’s long-term development strategy.
According to him, the investments reflect EBID’s commitment to supporting projects that drive sustainable growth and align with global development goals.
He added that continued investment in infrastructure, environmental management, and industrial development would strengthen economic resilience and foster inclusive growth across the region.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
