By Onu Okorie

ECOWAS Bank for Investment and Development (EBID) has approved a $390 million financing package for strategic projects across West Africa, including $100 million for rolling stock and operational equipment for Phase II of the Kano-Maradi Standard Gauge Railway Project in Nigeria.

The approvals were made at the bank’s 101st Ordinary Meeting of its Board of Directors held on September 28, 2026, in Lomé, Togo.

The latest financing underscores EBID’s increasing focus on regional infrastructure, energy security, mining, agricultural resilience and trade integration as West African economies seek to strengthen intra-regional economic activity.

For Nigeria, the $100 million facility will finance the acquisition of rolling stock and operational equipment for Phase II of the Kano-Maradi railway project.

The project is expected to strengthen transport connectivity between northern Nigeria and the wider West African region, while facilitating movement of people, goods and trade.

Gold project gets $230m
The largest component of the approved package is a $230 million facility for Azumah Resources Ghana Limited to develop the Black Volta Gold Project in Ghana.

EBID said the investment would support local value creation and economic activity, while strengthening productive capacity in the mining sector.

The bank also approved a $50 million facility for MOSL Limited in Ghana to support the supply of petroleum products.

A further $10 million was approved for the pilot phase of the West Africa Initiative for Climate-Smart Agriculture (WAICSA), covering Ghana, Senegal and Togo.

The initiative is designed to promote climate-resilient agricultural practices and expand access to financing for agricultural activities.

Commenting on the approvals, EBID President and Chairman of the Board of Directors, Dr George Agyekum Donkor, said the investments reflected the bank’s focus on projects with tangible economic and developmental impact.

He said the approved operations would support productive activities, strengthen regional value chains, facilitate trade and create opportunities for private-sector participation and employment.

The Kano-Maradi financing is particularly significant for regional integration as improved rail infrastructure could provide a more efficient channel for trade and mobility between landlocked areas of the Sahel and economic centres in Nigeria and other coastal economies.

Projects tied to GRO strategy
EBID said the latest approvals were aligned with its Growth, Resilience and Optimisation (GRO) Strategy 2026-2030, which seeks to strengthen the bank’s development-financing impact across the ECOWAS region.

The projects also support several Sustainable Development Goals, including SDG 1 on No Poverty, SDG 2 on Zero Hunger, SDG 8 on Decent Work and Economic Growth, SDG 9 on Industry, Innovation and Infrastructure, and SDG 13 on Climate Action.

The bank said its investments in agriculture, energy, transport infrastructure, mining and climate-smart development were intended to provide sustainable solutions while strengthening regional integration and improving living conditions across West African communities.

The four approved operations collectively position infrastructure and productive-sector financing as key components of EBID’s current strategy to deepen economic integration and unlock private-sector opportunities across the region.