Nigeria set to contribute $100 million to ECOWAS Bank to boost regional development 

According to the News Agency of Nigeria (NAN) EBID President, Dr George Donkor, disclosed this during an interactive session with heads of ECOWAS institutions and specialised agencies at the ongoing First Ordinary Session of ECOWAS Parliament in Abuja.

The interactive session was to enable the bank to present its progress report and vision for regional integration, economic transformation, and sustainable development.

He also disclosed that Nigeria is the largest shareholder in the regional financial institution, with approximately 33% of total shares, followed by Ghana and Ivory Coast, respectively.

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

Donkor, who was represented by the bank’s Director of Research and Strategic Planning, MacDonald Goanue, said that EBID had within 26 years positioned itself as the financial backbone of the ECOWAS region.

According to him, the Bank had disbursed more than 2.5 billion dollars supporting about 300 projects across the ECOWAS subregion since its inception in 1999.

“In 2024 alone, the Bank approved 10 new projects worth UA 330. 76 million (439.74 million dollars) and appraised 21 additional projects,” he said.

“The number of projects benefiting from disbursements increased from 56 in 2023 to 77 in 2024. 

“The annual loan disbursement rate was approximately 20.54 per cent in 2024, slightly down from 21.58 per cent in 2023,” he said.

The bank’s president stressed that the partnership between EBID and the ECOWAS Parliament was essential to realising a stable, prosperous, and integrated sub-region.

According to the EBID President, the Bank has also financed several private projects in Nigeria in partnership with the Bank of Industry.

“We have done business with commercial banks and so on, so we do a lot in Nigeria,” he added.

The bank’s president also disclosed that the Indian government availed it about one billion dollars facility to fund infrastructure, energy, transport, and private sector development across West Africa from 2006 to date.

Donkor further explained that EBID is not a commercial bank, and does not take deposits, adding that its operations rely mainly on Member States’ contributions and international financing facilities.

Naijaonpoint recently reported that the Board of Directors of the EBID had approved a combined financing package of €230 million and $10 million to stimulate socio-economic growth and regional development across West Africa.

Naijaonpoint recently reported that the Board of Directors of the EBID had approved a combined financing package of €230 million and $10 million to stimulate socio-economic growth and regional development across West Africa.