Sunday, July 14, 2024

Niger State Signs $114M Deal With ECOWAS Bank

The Niger State Government, North Central Nigeria, has successfully finalized a significant Memorandum of Understanding (MoU) with the ECOWAS Bank for Investment and Development.

This landmark agreement aims to finance four major projects totaling $114 million across various socio-economic sectors.

The MoU was formalized during the ECOWAS Investment Forum (EIF) held in Lome, Togo. The projects earmarked for funding include the construction of the Madalla-Suleja-Maje dual carriage road ($30 million) and the establishment of the Madalla Green Economic Market ($11 million).

Niger State To Invest N1tr In Infrastructure

According to the MoU, funds will also be allocated for the construction/conversion of the former Secretariat into a School of Medical and Health Sciences ($40 million), as well as the development of eight International Trailer Parks in strategic locations such as Mokwa, Tafa, Lambata, Bida, Makera, Dikko, Tagina, and Kontagora ($43 million).

During the signing ceremony, representatives from the Niger State government, including Commissioner of Finance Lawal Adamu Maikano and Sammy Adigun, Chairman of Niger Foods, were present.

They were joined by representatives from the ECOWAS Bank of Development and Investment, including Dr. Olagunju M. Olalekan Ashimolowo, Vice-President of Operations, and Dr. George Agyekum Donkor, President and Chairman of the Board of Directors, among others.

This strategic partnership signifies a concerted effort to expedite the ongoing transformation of Niger State, fostering new avenues for investment promotion and accelerating infrastructure development. Moreover, it is poised to generate numerous job opportunities, enhance the healthcare sector, and actualize Governor Mohammed Umaru Bago’s visionary “New Niger” agenda.

By leveraging the resources of the EBID Bank, established to promote cooperation, integration, and economic development among West African countries, Niger State is positioned to realize its full potential. The EBID Bank currently comprises fifteen Member States, including Benin, Burkina Faso, Cape Verde, Cote d’Ivoire, The Gambia, Ghana, Guinea, Guinea Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone, and Togo. This collaboration underscores Niger State’s commitment to regional development and prosperity.

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