The African Development Bank (AfDB) said it has put in place plans to ensure the corridor road between Lagos and Abidjan is executed anytime from 2020. This was disclosed by the President of the institution, Akinwunmi Adesina, during a recent sub-regional session attended by heads of governments in Abuja.
When completed, the road will further boost connectivity and multi-lateral trade relationship among ECOWAS member states.
According to Adesina, the AfDB will make $24.6million available to the ECOWAS commission for the initial stages of the highway project. Here is the break down of the investment: $11.5 million will be used to design the master plan while $13.1 will be deployed to carryout feasibility studies from 2020.
The AfDB’s investment in critical sectors, in West Africa, has risen to $20 billion. Previous transport projects embarked on by the development bank include the Accra Sky Train, the Lagos Cable Car Transit system; the construction of Blaise Diagne International Airport in Senegal, the Mandela Praia Airport in Cabo Verde, and the acquisition of aircraft for Air Cote I’voire.
The bank intends to make West Africa an economic powerhouse by raising the level of infrastructure in the sub-region.
Reiterating the institution’s commitment to supporting ECOWAS, Adesina emphasised “The African Development Bank has always been there at the right time, with the right product, for the right needs of countries.”
He added, “You can always count on the African Development Bank – your Bank”.
Meanwhile, the President of Nigeria, Muhammadu Buhari, tasked his counterparts at the session to foster deeper integration among ECOWAS members.
“It is always gratifying when our regional bloc comes together to advance our agenda for regional integration and promote the socioeconomic development of our sub-region”, he explained.
The AfDB is Africa’s main financial institution. It provides funding for governments and private firms operating in the region. The bank’s strong membership of 80 comprises 54 African countries and 16 non-African states. It is headquartered in Abidjan, Cote d’Ivoire.
