ECOWAS Bank Commits $241.6m For Nigeria’s Coastal Highway, Waste, Transport Projects

The ECOWAS Bank for Investment and Development (EBID) has committed fresh funding of $241.6 million to Nigeria, targeting critical infrastructure projects spanning transport and urban environmental management.
The financing formed part of a wider $266.7 million and CFA30 billion package approved at the bank’s 95th Board of Directors meeting held on March 30, 2026, aimed at boosting inclusive and sustainable growth across member states.

Nigeria emerged as the largest beneficiary in the latest round of approvals, a development analysts say highlights both the country’s widening infrastructure gap and the increasing reliance on multilateral lenders to plug financing shortfalls amid fiscal pressures.
In a statement, EBID said the approvals “underscore the Bank’s continued commitment to advancing sustainable, inclusive, and resilient development in the region,” noting that the funds will support strategic projects across Nigeria, Ghana, Senegal, Côte d’Ivoire and The Gambia.

Nigeria got a $100 million investment allocation towards the Lagos-Calabar Coastal Highway, which is expected to connect nine coastal states and ease longstanding logistics constraints that have continued to drive up the cost of goods movement nationwide.
In Lagos, the bank also approved $50 million for modern waste management infrastructure under a public-private partnership framework. The initiative is projected to significantly scale up recycling capacity, push recycling rates to about 45 per cent, and create over 5,000 jobs. It is also expected to generate about 60,000 tonnes of organic compost annually.

The EBID also earmarked $91.63 million for transport infrastructure upgrades in Bauchi State. The bank noted that the project, aligned with Nigeria’s National Development Plan, will “modernise road infrastructure, reduce logistics costs, improve access to essential services, and open up agricultural zones,” while integrating climate-resilient construction methods.

President of EBID, George Agyekum Donkor, said the institution remains committed to financing projects that deliver measurable economic impact across the sub-region. “These interventions reflect our ambition to support Member States in structuring value-creating projects that are fully aligned with the Sustainable Development Goals,” Donkor said, adding that investments in infrastructure and environmental management are key to “a more resilient, inclusive, and integrated growth trajectory within West Africa.”

(LEADERSHIP)