By Tina Akannam

The Economic Community of West African States (ECOWAS) Bank for Investment and Development (EBID) has so far invested US$45.5 million as intervention fund in various projects in private and public sectors of the Nigerian economy, the President of the bank, Mr. Bashir M Ifo, has disclosed.

Ifo disclosed this Thursday, in  Jigawa State, during a one day sensitization programme organised jointly by the Ministry of Foreign Affairs and the ECOWAS Bank for Investment and Development on the benefits derivable from the operation of the bank for business and investment community in North West zone.

The EBID president explained that the interventions which were in the private and public sectors include partial financing of the intercom phase A with US$2 million; line of credit for financing artisanal fishing project worth US$10 million,  financing of  the rehabilitation of the Federal Superphosphate Fertilizer Company worth US$10 million, as well as the partial financing of the TINAPA free zone with US$10 million and partial financing of the Raddison Blu Hotel with US$10 million.

He observed that inadequate and inefficientinfrastructure remains the principal constraint to the development of the West African sub-region, stressing that infrastructure development is a critical input for the growth of the economy.

Ifo reiterated that the bank was committed to contributing towards the economic development of West Africa through the financing of the ECOWAS and NEPAD new partnership programmes.

He further disclosed that the areas of the bank’s intervention include transport, energy, telecommunication, basic infrastructure, industry, education, health, technology, environment and natural resources.

In his keynote address, the Minister of Foreign Affairs 11, Dr Nurudeen Muhammed, explained that the sensitisation programmes was aimed at bringing the attention of the stakeholders to the opportunities within the ECOWAS countries to invest in the areas of securing loan from the bank.

The Minister further explained that the concessionary rate available for industries, manufactures and infrastructural development, the special cultural guarantee fund for a artists and film producers among others.

“Kindly permit me to inform you that the EBID has been repositioned by the authority of Heads of state and government of ECOWAS to be able to deploy its unique expertise to promote economic growth in the West African sub-region”. The Minister further stated.

In his address, the governor of Jigawa state, Alhaji Sule Lamido, said the basic strategy of his government was to create an enabling and investor friendly environment in order to attract and retain both domestic and foreign direct investment into the state with a view to developing the state huge agricultural and solid mineral potential.

Governor Lamido, who was represented by the State Commissioner for Commerce, Hajiya Hauwa lawan Baffa, disclosed that over N15 billion private sector direct investments into the state spread across the industrial, commercial, financial and real estate sectors have been recorded over the last three years in the state.