The ECOWAS Bank for Investment and Development (EBID) has approved a $100 million facility to support the ongoing construction of the Lagos-Calabar Coastal Highway, marking a significant milestone in efforts to enhance regional infrastructure and economic integration across West Africa.
This funding is part of a broader financing package endorsed during the bank’s 92nd Ordinary Session, held on June 30, 2025. At the meeting, the Board of Directors approved a combined total of €174 million and $125 million to finance multiple development projects aimed at stimulating industrial growth and improving connectivity in the region.
In a statement signed by EBID’s Head of Communications, Anita Somda-Dala, the bank described the Lagos-Calabar Coastal Highway as a strategic investment that will significantly boost regional mobility. The highway will connect nine Nigerian states, facilitate access to seaports, link remote agro-industrial zones, and unlock new economic corridors along Nigeria’s coastline.
According to EBID, the project aligns with its mandate to promote sustainable development and deepen regional trade and industrial value chains across West Africa.