ECOWAS Bank Approves $100m Funding For Lagos-Calabar Coastal Highway

The ECOWAS Bank for Investment and Development (EBID) has approved a $100 million facility to support the construction of the Lagos-Calabar Coastal Highway, as part of its funding to deepen regional integration and stimulate industrial development across West Africa.

The funding was part of the decisions reached at the bank’s 92nd Ordinary Session, where EBID’s Board of Directors approved a combined financing of €174 million and $125 million to support projects designed to drive economic growth and promote industrialisation across the West African sub-region.

Head of Communications at EBID, Anita Somda-Dala, described the Lagos-Calabar highway project as a strategic investment that would enhance connectivity between nine Nigerian states, linking seaports and remote agro-industrial areas, and unlocking new regional value chains along Nigeria’s coast.

“A $100 million Lagos-Calabar coastal motorway project, in the Federal Republic of Nigeria. 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.”

On the funds approved, Somda-Dala said “a€50 million project for the construction and equipping of six technical education and vocational training centres by Planet One, in the Togolese Republic. This project aims to equip the Togolese youth with skills that are in high demand for various industries. It is expected that 3,480 learners per year will benefit from training, building a more productive and competitive workforce.”

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