$100m Approved By ECOWAS Bank for Lagos-Calabar Costal Road
The ECOWAS Bank for Investment and Development (EBID) has approved $100 million for the construction of the Lagos-Calabar coastal highway project, a move the bank says will enhance regional integration, economic growth, and industrial development across West Africa.
The funding was part of a broader €174 million and $125 million financing package announced at the bank’s 92nd ordinary session held on June 30, 2025.
“A USD 100 million Lagos-Calabar coastal motorway project, in the Federal Republic of Nigeria,” EBID stated on its website. “This project, which spans 47.7 km, will link nine Nigerian states, improve access to seaports and isolated agro-industrial areas, and contribute to the emergence of a regional value chain to help coastal communities.”
Construction of the dual carriageway began in March 2024, with the first 47.47-kilometre phase awarded to Hitech Construction Company Ltd.
The investment in Nigeria is part of EBID’s broader push to support strategic infrastructure and development projects across West Africa. Other approvals include €50 million for technical training centres in Togo, $25 million for clinker importation in Côte d’Ivoire, and over €124 million for agricultural education and hydropower projects in Guinea.
The bank noted that the newly approved projects align with the United Nations Sustainable Development Goals (SDGs), particularly SDG 4 (quality education), SDG 7 (affordable and clean energy), and SDG 9 (industry, innovation, and infrastructure).
With the new commitments, EBID’s total investments in West Africa have now surpassed $5 billion, reinforcing its vision for “inclusive, resilient, and sustainable development across the ECOWAS region.”
