The Traffic

Nigeria Pledges $100 Million to ECOWAS Bank in Major Push for West Africa’s Development

By Achimi muktar 

In a bold move set to reshape the economic trajectory of West Africa, Nigeria is preparing to inject a staggering $100 million into the ECOWAS Bank for Investment and Development (EBID) — a decision poised to supercharge regional development and integration.

The announcement came during a high-level interactive session at the First Ordinary Session of the ECOWAS Parliament in Abuja, where the EBID leadership unveiled ambitious plans for infrastructure growth, economic transformation, and sustainable development across the subregion.

Nigeria: The Powerhouse Behind ECOWAS Bank

With approximately 33% ownership, Nigeria remains the largest shareholder in the regional financial institution. According to EBID President Dr. George Donkor — represented by MacDonald Goanue, the Director of Research and Strategic Planning — the upcoming $100 million contribution underscores Nigeria’s pivotal role in advancing West Africa’s collective prosperity.

“Nigeria is the biggest contributor to EBID,” Donkor noted. “The country is currently in the process of paying an additional $100 million to strengthen our regional efforts.”

$2.5 Billion Deployed. 300 Projects. One Vision.

Since its establishment in 1999, EBID has disbursed over $2.5 billion, funding more than 300 development projects in energy, health, transportation, agriculture, education, and digital infrastructure across ECOWAS member states.

In 2024 alone, the bank approved 10 new projects worth over $439 million, with 21 others already under appraisal. “The number of projects receiving disbursements rose from 56 in 2023 to 77 this year,” said Goanue, highlighting the bank’s expanding footprint.

Flagship Projects Changing the Game

EBID’s impact stretches across the region, with standout initiatives including:

Connecting electricity grids between Mali and Côte d’Ivoire

Providing solar power to 750 community facilities in Benin

Constructing a critical bridge linking AIBD to Blaise Diagne Airport in Senegal

Financing MSME growth and backing agro-processing ventures

And Nigeria hasn’t been left out. EBID has worked closely with the Bank of Industry and commercial banks to finance several private sector projects locally.

India’s $1 Billion Bet on West Africa

Adding to the momentum, the EBID president revealed that India has extended a $1 billion facility to fund major infrastructure, energy, and private sector projects across West Africa — a strategic partnership dating back to 2006.

The Bigger Picture: A Borderless, Booming West Africa

The ECOWAS Parliament and EBID emphasized their joint mission: to create a prosperous, interconnected, and economically resilient West Africa. Donkor called on member states and international partners to continue their support, especially as the bank rolls out high-impact initiatives like the Kano-Maradi Railway, a transformative project linking Northern Nigeria to Niger, expected to generate over 100,000 jobs during construction and 20,000 permanent roles afterward.

Bottom Line: Why This Matters

This is more than just a financial transaction. Nigeria’s $100 million boost signals a renewed commitment to regional unity, infrastructure transformation, and economic empowerment.

For the average West African, it could mean more jobs, better infrastructure, cleaner energy, and a brighter, borderless future.

As Nigeria takes the lead, all eyes are now on how EBID will channel this fresh capital into real, lasting change.