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Nigeria is poised to contribute an additional $100 million to the ECOWAS Bank for Investment and Development (EBID), reinforcing its role as a central player in promoting economic growth and regional integration across West Africa.
The announcement was made by Dr George Donkor, President of EBID, during an interactive session with leaders of ECOWAS institutions and specialised agencies at the First Ordinary Session of the ECOWAS Parliament currently taking place in Abuja. The session provided a platform for the bank to share its progress and outline its strategic vision for the region.
Dr Donkor, who was represented by MacDonald Goanue, EBID’s Director of Research and Strategic Planning, highlighted Nigeria’s position as the bank’s largest shareholder, holding approximately 33% of the total shares. “Nigeria is the biggest contributor to EBID. Nigeria is in the process of even paying 100 million dollars to the bank,” he noted.
Established in 1999, EBID has grown to become a key financial institution in the region, having disbursed over $2.5 billion to support approximately 300 projects. In 2024 alone, the bank approved 10 new projects worth 330.76 million Units of Account (equivalent to $439.74 million) and reviewed 21 additional proposals, underscoring its expanding footprint in regional development.
The EBID chief reaffirmed the bank’s commitment to economic transformation through investments in vital sectors such as infrastructure, energy, health, agriculture, education, and digital innovation. Among the flagship initiatives are the development of electricity interconnection between Mali and Côte d’Ivoire, installation of solar power systems in 750 community facilities across Benin, and construction of a key bridge linking the AIBD and Blaise Diagne Airport in Senegal.
In addition, the bank is significantly involved in supporting Medium, Small, and Micro Enterprises (MSMEs), fostering public-private partnerships, particularly in agro-processing and manufacturing, and enhancing the region’s investment climate.
“The number of projects benefiting from disbursements increased from 56 in 2023 to 77 in 2024,” said Goanue. He added that the annual loan disbursement rate was recorded at 20.54% this year, a slight decrease from 21.58% in 2023.
Dr Donkor stressed the importance of collaboration between EBID and the ECOWAS Parliament, viewing it as vital to the pursuit of a stable, integrated, and prosperous region.
In Nigeria, EBID has also backed several private sector ventures, working closely with the Bank of Industry and commercial lenders. “We have done business with commercial banks and so on, so we do a lot in Nigeria,” he remarked.
Donkor further disclosed that since 2006, the Indian government has made available a $1 billion facility to the bank, supporting projects in infrastructure, energy, transport, and private sector development throughout West Africa.
Clarifying the bank’s operational model, Donkor explained that EBID does not operate as a commercial bank and does not accept deposits. Its financing comes primarily from member states’ contributions and international funding partnerships.
Recently, EBID’s Board of Directors approved a major financing package totalling €230 million and $10 million to drive socio-economic development across the sub-region. A substantial portion of this includes a $180 million credit line to Mota-Engil Nigeria for the Kano-Maradi standard gauge railway project, a landmark infrastructure undertaking intended to link Northern Nigeria with the Republic of Niger. The project is expected to generate more than 100,000 construction-phase jobs and provide 20,000 permanent roles upon completion.
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