ECOWAS bank okays $266.7 million for strategic projects in Nigeria, others

Opening the meeting, Chairman, Board of Directors of EBID, George Agyekum Donkor, underscored the transformative reach of these new commitments.

“These interventions reflect our ambition to support member states in structuring value-creating projects that are fully aligned with the Sustainable Development Goals. By investing in infrastructure, agro-industry, environmental management, and industrial transformation, we are strengthening the foundations of a more resilient, inclusive, and integrated growth trajectory within West Africa,” Donkor stated.

The projects reflect EBID’s capacity to catalyse high-impact regional initiatives and support the sustainable transformation of its member states. In Nigeria, $50 million has been allocated for the construction of waste management facilities in Lagos under a public-private partnership, a project expected to expand waste management infrastructure, increase the recycling rate to 45 per cent, create over 5,000 jobs, produce 60,000 tons of organic compost annually, and reduce public health risks.

In Senegal, a credit line of XOF 20 billion to BNDE will enhance the bank’s capacity to finance small and medium-sized enterprises and industries, support agricultural value chains, improve access to housing, and promote sustainable employment, particularly for women and youth.

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In Ghana, $15 million will support the construction of a tissue paper manufacturing plant, involving the establishment of a 65-tonne-per-day production facility to manufacture jumbo tissue rolls locally, reduce dependence on imports, and support industrialisation.

In The Gambia, $10.04 million has been approved for the expansion of G Farms Ltd.’s operations, aimed at increasing poultry and dairy production capacity, strengthening food security, and reducing reliance on imported animal products.

Also in Nigeria, $91.63 million has been earmarked for transport infrastructure development in Bauchi State. Aligned with the National Development Plan, the programme will modernise road infrastructure, reduce logistics costs, improve access to essential services, open up agricultural zones, and incorporate climate-resilient construction techniques.

A further $100 million has been approved for the construction of the Lagos–Calabar Coastal Highway in Nigeria, a strategic corridor spanning nine coastal states that is expected to enhance national and regional connectivity, ease congestion, improve logistics efficiency, and stimulate regional trade.

In Côte d’Ivoire, a credit line of XOF 10 billion to Afriland First Bank Côte d’Ivoire is designed to support the financing of MSMEs and SMEs, strengthen the bank’s capacity to fund the real sector, promote productive investments, and foster job creation and inclusive growth.

Together, these projects reflect EBID’s commitment to strengthening the foundations of long-term economic development across the ECOWAS region, enhancing competitiveness and resilience while advancing sustainable and inclusive growth.

More recently, Varun Beverages Limited strengthened its presence in South Africa through the acquisition of Twizza, finalised in March 2026 for about 2.1 billion rand (nearly $124 million). In this context, The Coca-Cola Company’s investments in Nigeria and South Africa reflect a strategy to consolidate its market position amid increasingly dynamic competition in African beverage markets.