The Board of Directors of the African Development Bank on April 17 approved additional €12.33m in favour of the Economic Community of West African States Commission.
The ECOWAS Commission had on behalf of the five countries involved requested the support of the bank for the financing of preparatory studies towards the realisation and management of the Abidjan-Lagos highway corridor project.
AfDB published on its website that the project would connect “the capitals of five West African states – Cote d’Ivoire, Ghana, Togo, Benin and Nigeria – and cover some 1,028km and eight border posts.
The current route of the corridor crosses the major economic centres of the five participating member countries, from Bingerville the suburbs of Abidjan, to Mile 2 in Lagos.
“The Abidjan/Lagos project, an important regional trade and transport corridor, provides a link between economically dynamic cities in Africa, namely Abidjan, Accra, Cotonou, Lome and Lagos. Its purpose is to strengthen trade and integration in West Africa, in particular, by providing maritime port access to landlocked countries,” the bank stated.
The statement also disclosed the importance of the project to the sub-region, as it accounts for a large percentage of its commercial activities.
AfDB added, “The transport sector in West Africa plays an essential role in the economic development of the region and generates about five to eight per cent of its Gross Domestic Product. However, deficits in tangible and intangible infrastructure considerably reduce its impact on regional growth. The strategic importance of this project is due to the fact that Abidjan/Lagos accounts for almost 75 per cent of sub-regional commercial activities.”
According to the statement, the highway project is a flagship project of the bank’s ‘Programme for Infrastructure Development in Africa,’ a continental initiative of which the bank is the executing agency.
Get real time update about this post categories directly on your device, subscribe now.