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Daniel Adaji
The ECOWAS Bank for Investment and Development (EBID) has approved a $230m intervention package for Nigeria.
This comprises a $180m credit line for the Kano-Maradi railway project and $50m for Small and Medium Scale Enterprises’ support through Sterling Bank.
This financing is part of a broader €230m and $10m package approved at the bank’s 91st Ordinary Board Meeting, chaired by President and Chairman of EBID’s Board of Directors, Dr. George Donkor and disclosed in a statement on Tuesday.
A highlight of the intervention is the $180m facility to Mota-Engil Nigeria, earmarked for the development of the Kano-Maradi standard gauge railway. This cross-border infrastructure will link northern Nigeria with the Republic of Niger, enhancing regional trade, mobility, and economic integration in West Africa.
The project is expected to generate over 100,000 jobs during its construction phase and create 20,000 permanent jobs post-completion.
In addition, EBID approved a $50m line of credit to Sterling Bank Nigeria. The funds will be directed toward Small and Medium Enterprises (SMEs) across critical sectors such as agriculture, renewable energy, health, education, and transport.
According to the statement, this financing aligns with Nigeria’s development goals and EBID’s pro-SME strategy aimed at fostering inclusive economic growth.
In addition to Nigeria’s funding, the EBID board also approved a €10m facility for Bénin Cashew SA to co-finance five cashew processing plants and a balsam production unit in Benin.
The project will handle half of Benin’s national cashew production and create 1,666 jobs under the country’s Strategic Plan for Agricultural Development (PSDSA).
“With this investment, EBID’s total commitments in the sub-region amount to $4.5bn,” the bank said, emphasizing its dedication to sustainable financing and regional development.
EBID noted that the interventions align with the United Nations Sustainable Development Goals (SDGs), particularly SDG 9 (Industry, Innovation, and Infrastructure) and SDG 13 (Climate Action). These projects are also in line with the bank’s long-term strategy to prioritize high-impact sectors that drive economic resilience and inclusive prosperity.
Nigeria is also set to benefit from a $10.5m grant from the World Bank to strengthen the technical capacity of the Central Bank of Nigeria (CBN) and modernize the country’s domestic payment systems.
The grant, part of the CBN Technical Assistance Facility, is aimed at integrating advanced technologies into supervisory processes, improving remittance infrastructure, and enhancing the safety of digital financial transactions.
The World Bank highlighted that the project will help the CBN adopt Supervisory Technology (SupTech) systems, improve data accuracy, and enhance risk-based oversight. It will also support the transition toward a cashless economy and more secure remittance flows.