The Board of Directors of the ECOWAS Bank for Investment and Development (EBID) has approved $100 million to support the construction of the Lagos-Calabar Coastal Highway, a major infrastructure project aimed at enhancing connectivity and economic growth in Nigeria and the wider West African sub-region.
The approval came during EBID’s 92nd Ordinary Session and forms part of a broader financial package totaling EUR 174 million and USD 125 million, directed at stimulating economic growth and promoting industrialisation across ECOWAS member states.
The Lagos-Calabar Coastal Highway spans 47.7 kilometers and is expected to connect nine Nigerian states. The project aims to improve access to seaports and isolated agro-industrial zones while strengthening regional value chains that will benefit coastal communities.
In a statement, EBID emphasized that the new funding aligns with the United Nations Sustainable Development Goals (SDGs), particularly:
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SDG 4: Quality Education
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SDG 7: Affordable and Clean Energy
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SDG 9: Industry, Innovation, and Infrastructure
“These newly approved commitments are aligned with EBID’s strategic plan to promote resilient, inclusive, and sustainable growth within the ECOWAS region,” the bank said.
With this latest round of investments, EBID’s total financial commitments across the sub-region have now surpassed USD 5 billion.
Additional Projects Funded
In addition to the Lagos-Calabar highway, EBID has also approved funding for several other strategic development initiatives across member states:
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EUR 50 million for the construction and equipping of six technical education and vocational training centers in Togo, aimed at equipping 3,480 youth annually with in-demand skills.
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USD 25 million for Société de Ciment de Côte d’Ivoire to import 400,000 tonnes of clinker to boost cement supply and support the construction sector in Côte d’Ivoire.
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EUR 28.9 million for the modernization of four agricultural high schools in the Republic of Guinea, aimed at enhancing agricultural education and workforce readiness.
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EUR 95.16 million for the construction of three hydroelectric micro-power stations in Guinea—at Poukou, Bolokoun, and Biwbaw—with a combined capacity of 30 MW, in partnership with SOGEOH. The project seeks to harness local hydropower resources, expand rural electricity access, and stimulate economic activity.
“These initiatives aim to enhance living standards, boost productivity, and generate sustainable economic opportunities throughout the ECOWAS sub-region,” EBID added.
The bank’s continued investments reinforce its commitment to driving long-term regional development through targeted infrastructure, energy, education, and industrial projects.
