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AfDB and the EU commit to invest $18M in Abidjan-Lagos corridor project

Monday, 13 November 2017 17:52

(Ecofin Agency) - The African Development Bank (AfDB) and the European Union (EU) will inject $9 million in the construction of a 1,008km-long highway that will connect Lagos to Abidjan.

This was disclosed by the President of the Commission of the Economic Community of West African States (ECOWAS), Marcel Alain de Souza (picture).

The Abidjan-Lagos corridor which will cross five countries, namely Côte d’Ivoire, Ghana, Togo, Benin and Nigeria will serve local sea ports where transit about 90% of the region’s exports and 60% of its imports.

According to M. de Souza, the money promised by the two institutions will cover only the operational stage of the project, given that the related feasibility study which could begin next January 26, is financed by each participating countries which provide respectively a million dollars.   

Deploring the delay in developing the project, despite its importance for the development of the region’s economy, the executive indicated that construction works should commence in six months.

“We have discussed with the former Nigerian President, Chief Olusegun Obasanjo and other private sector to support us. 42 years of integration, ECOWAS has not achieved 15 per cent of its goal and 70 per cent of trade in the region is done through this route. So, hopefully, the construction will start in six month time,” said Marcel de Souza at the meeting which was attended by ministers of works from Nigeria, Republic of Benin, Cote D’Ivoire, Ghana and Togo

Fiacre E. Kakpo

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ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

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