KEY POINTS
- Nigeria’s capital contribution secures its position as the largest ECOWAS Bank shareholder.
- The capital payment influences leadership roles and private sector project funding.
- ECOWAS Bank focuses on youth empowerment and vital regional development projects.
Nigeria is about to contribute approximately $100 million to the ECOWAS Bank for Investment and Development. Its position as the biggest stakeholder will be strengthened as a result.
Nigeria’s $100 million capital contribution boosts ECOWAS Bank
The declaration was made at the 2025 First Ordinary Session of the ECOWAS Parliament in Abuja, after a discussion with ECOWAS institution officials.
According to Punch, the announcement was made by EBID’s Director of Research and Strategic Planning, MacDonald Goanue. He attended the meeting on behalf of Dr. George Donkor, President of the Bank.
Nigeria, which now owns roughly 33% of the bank’s shares, will maintain its dominant position with this payment. This effect was highlighted by Goanue.
The largest contributor is Nigeria. During the meeting, Goanue stated, “Nigeria is currently paying the bank approximately $100 million.”
“If you pay your money, you can become president.” “If you pay your money, you can become vice president,” he continued.
According to Goanue, EBID has only funded a small number of Nigerian public sector initiatives. It has, nevertheless, been heavily involved in the private sector.
He gave examples of EBID’s involvement in Nigeria’s private sector, including collaborations with the Bank of Industry and a number of commercial banks.
Additionally, Goanue recognized that other member governments have made headway in fulfilling their financial obligations to the bank’s capital.
He praised their steady financial engagement, saying, “Ghana has paid its second tranche, Côte d’Ivoire is doing very well.”
India and other international partners have offered EBID their help. The bank has received approximately $1 billion in credit lines from India since 2006.
Goanue explained Since EBID is not a commercial bank, deposits are not accepted. It depends on funding from partners and member nations.
ECOWAS Bank focuses on youth jobs and regional development projects
Regarding employment, he emphasized the bank’s dedication to ECOWAS job creation and youth empowerment.
He pointed out that obstacles related to qualifications and language make it difficult to hire from underrepresented nations. According to Goanue, “people must qualify for jobs.”
Major development projects in each of the 15 ECOWAS member states are currently funded by EBID. Infrastructure, energy, transportation, agriculture, and healthcare are among its main areas of interest.
