ECOWAS Bank Approves $308.63 Million Funding for Nigeria and Other Member States

By Diafa Doubra,

The ECOWAS Bank for Investment and Development (EBID) has approved a total of $308.63 million in funding to support key development projects across Nigeria and other West African countries.

According to a statement from the regional financial institution, the funds will be channeled into vital sectors such as infrastructure, energy, and agriculture to boost economic growth and improve living standards across member nations.

The bank explained that the approval reflects its commitment to deepening regional integration and strengthening the economies of member states through sustainable investments. In Nigeria, part of the funding will reportedly be used to support infrastructure development and enhance access to energy, which are crucial for industrial expansion and job creation.

EBID President Dr. George Donkor reaffirmed the bank’s resolve to promote inclusive growth and poverty reduction in the subregion. He emphasized that the institution will continue to collaborate with governments and the private sector to drive long-term development.

The new funding comes at a time when several West African countries are battling economic challenges caused by global inflation and currency instability, making the intervention timely and highly significant for the region’s recovery.