Nigeria Set to Contribute Additional $100 Million to ECOWAS Bank to Boost Regional Development - The National Association of Nigerian Traders NANTS

Abuja, May 23, 2025 – Nigeria is preparing to disburse an additional $100 million to the ECOWAS Bank for Investment and Development (EBID) in support of its ongoing developmental projects across West Africa. This announcement was made during an interactive session with ECOWAS institutions and agencies at the First Ordinary Session of the ECOWAS Parliament in Abuja.

Dr. George Donkor, President of EBID, represented by MacDonald Goanue, the Bank’s Director of Research and Strategic Planning, confirmed Nigeria’s forthcoming contribution. He also noted that Nigeria remains the Bank’s largest shareholder, holding approximately 33% of total shares, followed by Ghana and Côte d’Ivoire.

“Nigeria is the biggest contributor to EBID. Nigeria is in the process of even paying 100 million dollars to the bank,” Donkor stated.

Founded in 1999, EBID has become a vital financial engine for the ECOWAS sub-region, disbursing over $2.5 billion to fund around 300 development projects. In 2024 alone, the Bank approved 10 new projects valued at approximately $439.74 million and assessed 21 more.

The Bank’s focus areas include infrastructure, energy, health, agriculture, education, and digital transformation. Key initiatives include power connectivity between Mali and Côte d’Ivoire, solar electricity projects in Benin, and the construction of strategic transport infrastructure in Senegal.

Donkor also highlighted the Bank’s growing support for small and medium enterprises (SMEs), public-private partnerships in agro-processing and manufacturing, and direct engagement with financial institutions in member states—including private sector projects in Nigeria, in collaboration with the Bank of Industry.

He revealed that EBID benefited from a $1 billion financing facility from the Indian government since 2006, aimed at infrastructure and private sector development across the sub-region.

Despite a slight dip in loan disbursement rates—from 21.58% in 2023 to 20.54% in 2024—the Bank increased the number of disbursement-backed projects from 56 to 77 within a year, underlining its expanding impact across ECOWAS member states.

Recently, the EBID Board approved a new €230 million and $10 million funding package, including a $180 million credit line to support the Kano-Maradi standard gauge railway, linking northern Nigeria to Niger Republic—a project expected to create over 120,000 jobs and improve regional trade.

Donkor emphasized that EBID is not a commercial bank and relies on member state contributions and international financing to fulfill its developmental mandate. He called for continued collaboration with ECOWAS institutions to ensure a stable and economically integrated sub-region.