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.
Advertisement
“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
Advertisement
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.
Advertisement
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).
Advertisement
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.
Advertisement
