Nigeria is preparing to make a fresh $100 million capital contribution to the ECOWAS Bank for Investment and Development (EBID), in a move that not only reinforces its status as the bank’s largest shareholder but also positions the country to further assert leadership within the regional financial institution.
The announcement came on Thursday during an interactive session between the ECOWAS Parliament and heads of regional institutions at the 2025 First Ordinary Session of the ECOWAS Parliament in Abuja. Representing EBID President Dr. George Donkor, the Bank’s Director of Research and Strategic Planning, MacDonald Goanue, made the disclosure.
“Nigeria is the biggest contributor. Nigeria is in the process of paying $100m to the bank,” Goanue said, emphasizing the significance of financial contributions in determining leadership influence within the Bank. “You can become president if you pay your money. You can become vice president if you pay your money,” he added.
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With the planned payment, Nigeria is set to retain about 33 percent of the Bank’s total shares—by far the most significant holding by any member state of the regional bloc. But this financial muscle has not yet translated to extensive public sector engagement in Nigeria. Goanue acknowledged that the Bank has limited exposure to public infrastructure in Nigeria but has focused more heavily on private-sector financing.
According to him, EBID’s partnerships with Nigerian financial institutions like the Bank of Industry and several commercial banks are proof of its support for local enterprise development.
Ghana, Côte d’Ivoire Press Ahead with Financial Obligations
Nigeria’s $100 million commitment comes at a time when other major ECOWAS member states are also ramping up their contributions. Ghana, which has faced recent economic headwinds, has completed its second tranche of payments, while Côte d’Ivoire was applauded for what Goanue described as “doing very well” in maintaining financial commitments.
The Bank also continues to receive support from non-African partners. India, for instance, has provided roughly $1 billion in credit lines to EBID since 2006—a reflection of growing international confidence in the institution’s development role in West Africa.
Leadership Tied to Financial Commitment
Goanue’s comments highlight a longstanding, if sometimes unspoken, truth in multilateral institutions—money buys influence. The direct link he drew between capital injection and leadership positions within EBID underscored how seriously financial contributions are taken not just as support, but as currency for political clout within the ECOWAS framework.
This could become particularly relevant in the coming months if there is a leadership transition at EBID or shifts in the governing structures of the broader ECOWAS system. Nigeria’s fresh contribution positions it to leverage its dominance at a time when regional integration efforts face both financial and political strain, especially following recent political instability in some member countries.
Language, Education Barriers Still Hamper Recruitment
Beyond finance, Goanue addressed lingering issues of regional inclusivity, particularly around employment within EBID. He said many ECOWAS nationals remain underrepresented in the Bank’s workforce, not due to discrimination, but because of language and qualification barriers.
“People will not just give you a job because you are a national. You must qualify,” he told the Parliament, brushing aside suggestions of nepotism in the hiring process. This is a recurring issue in ECOWAS agencies, where member states sometimes complain of unequal representation in leadership and staff.
Unlike commercial banks, EBID does not take deposits or provide retail banking services. Instead, it pools capital from ECOWAS member states and international partners to finance large-scale development projects. The Bank is currently active across all 15 ECOWAS member states, funding infrastructure, agriculture, healthcare, energy, and transportation initiatives.
This mandate is seen as increasingly vital in a region where public debt burdens and inflation have constrained national development budgets. For Nigeria, which is still grappling with high inflation, currency instability, and subdued investor confidence, institutions like EBID are potential lifelines for medium- to long-term project financing—if effectively engaged.
The incoming capital injection, therefore, could be seen as a strategic move not only to secure political leverage within the institution but also to retool Nigeria’s underutilized access to regional development funding.