The African Development Bank (AfDB) Group has reiterated its steadfast dedication to funding the construction of the Abidjan to Lagos highway project. The bank, as stated on its official website, plays a pivotal role in mobilizing financial resources for this ambitious venture.
The Abidjan-Lagos highway project envisions a 1,081-kilometer corridor connecting five West African countries: Côte d’Ivoire, Ghana, Togo, Benin, and Nigeria. It is aligned with ECOWAS’ “Vision 2050” and integral to the African Union’s Programme for Infrastructure Development in Africa (PIDA). This corridor will link major ports and urban areas, promoting trade and integration across West Africa. Furthermore, it will bolster the transport network in West Africa, contributing to economic growth and job creation.
The Main Source Of Funds ForPhase Two Of The Abidjan To Lagos Highway Project.
To date, the AfDB has already contributed a substantial $25 million. This was towards the financing of the preparatory phase of the Abidjan to Lagos highway project. Furthermore, in partnership with other stakeholders, the bank successfully raised an impressive $15.6 billion during the Africa Investment Forum (AIF).
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The Abidjan-Lagos highway project holds immense promise and aligns with the goals of the African Continental Free Trade Area (AfCFTA). the highway stretches from Bingerville in the eastern suburbs of Abidjan to Mile 2 (Eric Moore) in Lagos. It encompasses 75% of commercial activities in West Africa. It plays a vital role in the region’s economic development and job creation, especially among women and young people.
The Africa Investment Forum (AIF) has been instrumental in mobilizing investments for the Abidjan to Lagos highway project, attracting a total of $142.6 billion in investment commitments for Africa since its establishment in 2018. The recent roundtable event was a resounding success, with 180 attendees representing over 30 donors participating in the discussions.
In furtherance of this initiative, the AfDB, in collaboration with the ECOWAS Commission, organized an initial roundtable of development finance institutions recently at the AfDB’s headquarters in Abidjan. The primary objective of this roundtable was to provide essential regional and international development finance institutions with up-to-date information about this significant regional project.
Efforts are currently underway to finalize the project’s technical studies by October. Once this phase is completed, the next steps will involve mobilizing private investors and donors through market research sessions.
