EBID Approves $266.7m for West Africa Projects, Allocates $241m to Nigeria’s Infrastructure Push

Lagos–Calabar Coastal Highway, Bauchi roads, and Lagos waste management projects dominate funding as regional bank targets growth and sustainability

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By Baron Eloagu / Abuja, Nigeria

The ECOWAS Bank for Investment and Development (EBID) has approved a total of $266.7 million to finance strategic development projects across West Africa, with Nigeria receiving the largest share of the funding.

The approvals were finalised during the bank’s 95th Board of Directors meeting held on March 30, 2026, according to an official statement released on April 2.

Nigeria Secures Lion’s Share of Funding

Out of the total package, Nigeria accounts for over $241 million across three major projects aimed at boosting infrastructure, environmental sustainability, and economic productivity.

Key allocations include:

$100 million for the Lagos–Calabar Coastal Highway
$91.63 million for transport infrastructure development in Bauchi State
$50 million for waste management facilities in Lagos

The Lagos–Calabar Coastal Highway, a flagship project, is expected to enhance connectivity across nine coastal states and drive trade along Nigeria’s southern corridor.

Boost for Infrastructure, Jobs, and Environment

EBID said the investments align with Nigeria’s National Development Plan and are designed to modernise infrastructure, reduce logistics costs, and improve access to essential services.

The Lagos waste management project is expected to strengthen recycling capacity, create jobs, and mitigate environmental and public health risks in the country’s commercial capital.

Similarly, the Bauchi transport project aims to open up agricultural zones and integrate climate-resilient construction techniques into road development.

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Regional Investments Across West Africa

Beyond Nigeria, the bank approved funding to support economic growth and industrialisation in other member states:

Senegal: XOF 20 billion credit line for SMEs and industrial expansion
Côte d’Ivoire: XOF 10 billion via Afriland First Bank to support small businesses
Ghana: $15 million for a tissue manufacturing plant to reduce imports
The Gambia: $10.04 million for poultry and dairy expansion under G Farms Ltd.

EBID Targets Sustainable Growth

Speaking at the meeting, EBID President George Agyekum Donkor said the approvals reflect the bank’s commitment to driving sustainable development across the region.

“These interventions reflect our ambition to support Member States in structuring value-creating projects aligned with the Sustainable Development Goals,” he said.

He added that investments in infrastructure, agro-industry, and environmental management would strengthen resilience and accelerate inclusive growth across West Africa.

Continued Backing for Coastal Highway Project

The latest funding builds on EBID’s sustained support for the Lagos–Calabar Coastal Highway. In July 2025, the bank approved $100 million for a 47.7-kilometre section of the project.

The 700-kilometre superhighway, estimated to cost about ₦15 trillion, is considered one of Nigeria’s most ambitious infrastructure projects, aimed at boosting regional integration and economic activity.

Strategic Financing Momentum

The approvals come one year after EBID sanctioned a combined €230 million and $10 million financing package for development projects across West Africa, including a $50 million credit facility to support Nigerian SMEs.

With the latest round of funding, the regional bank is reinforcing its role as a key driver of infrastructure financing and economic transformation across the sub-region.