The ECOWAS Bank for Investment and Development (EBID) has injected significant capital into the ongoing construction of the Lagos-Calabar Coastal Highway, a crucial infrastructural project for Nigeria. A sum of $100 million has been approved to finance the 47.7km stretch designated as Section 1, Phase 1 of the highway, commencing at Ahmadu Bello Way in Lagos. This funding represents a substantial contribution to the Federal Government’s ambitious plan to complete the entire 700km highway by 2028. The construction of this section, currently underway and being executed by Hitech Construction Company Limited, began in March 2024. This investment underscores EBID’s commitment to facilitating sustainable development and economic growth within the ECOWAS region.
The $100 million allocation for the Lagos-Calabar Coastal Highway is part of a broader investment strategy by EBID, totaling €174 million and $125 million, aimed at bolstering infrastructure and social development across West Africa. This funding package was approved during the bank’s 92nd Ordinary Session held on June 30, 2025. The Lagos-Calabar highway funding is specifically earmarked to enhance connectivity and accessibility across nine Nigerian states. By improving access to seaports and remote agro-industrial zones, the project aims to streamline the movement of goods and services along the southern economic corridor, boosting economic activity and fostering regional trade.
The development of this critical infrastructure is also projected to stimulate the growth of a regional value chain, thereby supporting the livelihoods of coastal communities. By linking these communities to wider markets and economic opportunities, the project aims to promote inclusive growth and sustainable development. This aligns with EBID’s overarching mission to foster economic advancement and improve the quality of life within the ECOWAS region. The bank recognizes the transformative potential of infrastructure development and its capacity to drive economic diversification and create employment opportunities.
Beyond the Lagos-Calabar Coastal Highway, EBID’s investment portfolio encompasses a range of other crucial development initiatives across West Africa. In Togo, a €50 million investment has been approved for the construction and equipping of six technical and vocational education centres. These centres are projected to train 3,480 youths annually, equipping them with high-demand skills for the job market. This investment underscores EBID’s focus on human capital development and its commitment to empowering the next generation with the skills necessary for economic participation and prosperity.
In Guinea, EBID has committed €28.9 million to modernize four agricultural high schools, enhancing the quality of agricultural education and promoting best practices in the sector. Further strengthening its commitment to sustainable development, EBID has also allocated €95.16 million for the construction of three hydroelectric micro-power stations in Guinea. With a combined capacity of 30MW, these power stations are expected to improve access to renewable energy in rural areas, promoting sustainable energy solutions and reducing reliance on traditional, less environmentally friendly sources.
In Côte d’Ivoire, a $25 million investment has been approved to support clinker imports by Société de Ciment de Côte d’Ivoire. This intervention aims to bolster cement production within the country, addressing material shortages in the construction sector and facilitating ongoing infrastructural development. This targeted investment reflects EBID’s commitment to supporting key industries and addressing critical bottlenecks that impede economic growth. These investments align with several United Nations Sustainable Development Goals, highlighting EBID’s dedication to global development priorities. With these latest approvals, EBID’s total financial commitments in West Africa have now surpassed $5 billion, demonstrating the bank’s significant contribution to the region’s development trajectory.
