The African Development Bank (AfDB), a continental financial organization, has announced the obtainment of $15.6 billion in funding for the development of the Lagos-Abidjan highway corridor, which would connect Nigeria and Ivory Coast and facilitate transit across West Africa. ayokinews.com reports
AfDB’s president, Akinwumi Adesina, revealed this on Thursday at the virtual boardroom closing session of the 2021 Africa Investment Forum.
In April 2020, the bank granted $13.67 billion in finance for the Lagos-Abidjan highway corridor project.
The road corridor connects cities in Côte d’Ivoire, Ghana, Togo, Benin, and Nigeria.
According to Adesina, the initiative would help strengthen commerce in West Africa by lowering transportation costs and increasing intra-regional trade volume.
“The biggest deal for the boardroom is the $15.6bn deal for the Lagos-Abidjan highway corridor. The 46-lane highway corridor will connect Lagos, Cotonou, Lome, Accra, and Abidjan,” he said.
“It will support 75 percent of the trade in the West African region. The project will impact the lives of over 500 million people. It would reduce transport costs by 48 percent. It would increase intra-regional trade volume by 15 to 25 percent. It would connect land-locked cities to port countries.”
Adesina added that Affirmative Finance Action for Women in Africa (AFAWA), have been very crucial in boosting women-run corporations on the continent.
He explained that in 2021, the African Development Bank (AfDB), contributed $450 million in support of women-owned businesses in Africa, and an additional $500 million support is expected from the bank in 2022.
“The AfDB will also be establishing a $1m AFAWA women advisory facility to support women with advisory services,” he added
