ECOWAS Launches $50M SME Growth Fund to Boost Key Sectors in Nigeria
The ECOWAS Bank for Investment and Development (EBID) has launched a $50 million SME Growth Fund to empower Micro, Small, and Medium Enterprises (MSMEs) in Nigeria. This initiative, in partnership with key financial institutions, will channel long-term funding into high-impact sectors:
• Agriculture
• Renewable Energy
• Infrastructure
• Manufacturing
• Health
• Education
• Transportation
This initiative is designed to address access to affordable, long-term capital for Nigerian SMEs. The fund aims to back innovation and entrepreneurship, create jobs, promote industrial growth, and foster inclusive economic development.
Stay tuned to EBID and partner financial institutions for application guidelines.
For more information: https://ecowas.int
ECOWAS Bank for Investment and Development Approves €230M & $10M in New Financing Commitments
The Board of Directors of the ECOWAS Bank for Investment and Development (EBID) has approved €230 million and $10 million in new financing commitments to stimulate economic growth and regional integration across West Africa. These approvals were made during the 91st Ordinary Board meeting held on April 3, 2025.
Key Approvals and Projects:
• $50 Million Credit Line to Sterling Bank (Nigeria): To support SMEs in Health, Education, Agriculture, Renewable Energy, and Transport.
• €10 Million to Bénin Cashew SA (Benin Republic): To co-finance cashew nut processing plants and a cashew balsam production unit, creating 1,666 jobs.
• $180 Million to Mota-Engil Nigeria: To co-finance the Kano-Maradi standard gauge railway, enhancing regional trade and creating over 100,000 construction jobs and 20,000 permanent jobs.
Supporting the SDGs and Regional Strategy:
These commitments support the UN Sustainable Development Goals (SDG 9 & 13) and align with EBID’s strategic focus on infrastructure, rural/agricultural advancement, and private sector support.
EBID’s total commitments across West Africa now stand at $4.5 billion. Learn more about EBID and its role in driving regional development.
