Statement by the President of the Ecowas Bank for Investment and Development (EBID) on the occasion of the 50th Anniversary of ECOWAS

Fifty years ago, the Economic Community of West African States (ECOWAS) was born out of a dream that West African nations would emerge stronger together than apart. Today, we reaffirm that dream with even greater urgency and purpose. This golden jubilee is not just a celebration of longevity; it is a time to reflect on the values that motivated the founders of this community – a belief in shared prosperity and collective destiny.

Over the last five decades, ECOWAS has helped to promote free movement and support development across the sub-region. As the Development Finance Institution serving the Community, the ECOWAS Bank for Investment and Development (EBID) has played a key role in the execution of this mandate, with a total of USD 4.5 Billion committed to date to public and private sector initiatives in sectors such as energy, transportation, health, agriculture, and education. Through its interventions, the Bank has contributed to generating thousands of jobs, enhancing cross-border trade, and expanding access to essential services.

Yet, as we celebrate, we must also confront the pressing challenges that threaten our collective aspirations:

Persistent poverty: 148.7 million West Africans are classified as working poor, employed yet economically vulnerable. (West African Development Outlook, 2024). Youth unemployment: A staggering one-third of Africa’s 420 million young people are jobless, while another third is vulnerably employed (AfDB, 2024). Weak intra-regional trade: Intra-African trade remains low at 14.9% per the Africa Trade Report 2024, compared to Europe’s 68.2% and Asia’s 57.9% reported by the UN Trade and Development (UNCTAD).

These figures are not mere statistics; they are urgent indicators underscoring the need for decisive action to unlock the full potential of regional trade and investment, particularly within the framework of the African Continental Free Trade Area (AfCFTA). To accelerate the impact of the AfCFTA, we must prioritise the development of competitive, interconnected value chains in key industries such as agro-processing, technology, and logistics while leveraging regional infrastructure development.

At EBID, our mission extends beyond financing projects—we strive to be catalysts for transformation, channelling resources toward the realisation of the ECOWAS Vision 2050, which emphasizes inclusive growth, sustainable development, and deeper regional integration. Currently, EBID is collaborating with partners to:

Expand access to renewable energy, bridging the electricity gap; Empower Small and Medium Enterprises (SMEs), the backbone of our economies; Finance critical transport corridors, including rail and road networks, to reduce intra-regional trade costs; Strengthen health systems to support our growing populations; and Boost agro-industrial capacity to enhance food security while stimulating economic growth and improving livelihoods.

The wisdom of our forefathers reminds us that “A single hand cannot lift a heavy log.” In an era of global uncertainty and competition, the future of our sub-region hinges on deepening cooperation and collaboration. By pooling our resources, we foster shared resilience, creating economies of scale that enhance exports, broaden market access, and attract investment. Despite geopolitical headwinds, regional integration remains an economic imperative.

On this 50th anniversary, I wish to call upon all stakeholders, governments, private sector leaders, and development partners to renew their commitment to the ECOWAS vision of building a prosperous, self-reliant West Africa.

Let us work together to build the Community that the founding fathers of ECOWAS dreamt of.

Long live ECOWAS!