The African Development Bank (AfDB) has officially announced plans to invest $15 billion into the long-awaited Lagos-Abidjan Highway Corridor, a crucial infrastructure project anticipated to enhance regional trade and mobility across five West African nations.
This announcement was made during the formal opening ceremony of the 2025 Annual Meetings of the African Development Bank Group, held in Abidjan.
In his keynote address, Dr Akinwumi A. Adesina, President of the AfDB, highlighted the strategic significance of the corridor and its potential to transform the economic landscape of West Africa.
Expressing gratitude as he concludes his tenure as AfDB President, he stated, “As I complete my two five-year terms, I take pride in the legacy we leave behind for my successor, the Bank, and for Africa.” He underscored the Bank’s previous achievements, including support for the Noor Ouarzazate solar complex in Morocco, which was once the world’s largest concentrated solar power plant.
Dr Adesina noted, “We launched the Lagos to Abidjan highway corridor, for which the African Development Bank is backing the feasibility studies, and we have mobilised $15 billion in investment interest.”
In Nigeria, he mentioned the development of special agro-industrial processing zones in eight states and the Federal Capital Territory (FCT), with a total of $2.9 billion mobilised to support the establishment of these zones in an additional 28 states.
He further stated, “We have supported countries under sanctions to clear their debt arrears to the Bank, including Somalia and Sudan.”
Reflecting on his decade-long presidency, Dr Adesina revealed that the AfDB would have provided a total of $102 billion in support to Africa, representing 46% of all the Bank’s financing since its establishment in 1964.
The African Development Bank has financed over $55 billion for infrastructure projects, encompassing roads, railways, airports, seaports, digital communications, health, water, and sanitation.
The Lagos-Abidjan Highway Corridor will stretch approximately 1,028 kilometres, connecting Nigeria, Benin, Togo, Ghana, and Côte d’Ivoire, and linking major urban and economic centres along the West African coast. Upon completion, the highway is expected to stimulate commerce throughout the ECOWAS region, reduce travel times, lower logistics costs, and enhance regional integration in line with the African Continental Free Trade Area (AfCFTA) objectives.
Dr Adesina’s announcement coincided with his reflections on a decade of leadership at the AfDB, during which the Bank delivered $102 billion in support to African nations, accounting for nearly half of the institution’s total financing since its founding in 1964.
He remarked, “We accelerated regional integration with significant investments in infrastructure to support the African Continental Free Trade Area,” highlighting the Bank’s contributions to railways, roads, ports, and energy systems across the continent.
Key transport corridors supported by the AfDB include the Addis Ababa–Nairobi–Mombasa corridor, which has reduced travel time from three days to one, and Tanzania’s $3.2 billion standard gauge railway project.
Dr Adesina pointed to tangible improvements in the lives of over 565 million Africans due to the Bank’s interventions in energy access, health, sanitation, ICT, food security, and infrastructure, with AfDB’s infrastructure investments totalling over $55 billion in the past decade.
In Côte d’Ivoire, the host country of the 2025 Annual Meetings, the Bank’s financial support has surged by 500% over the last decade, contributing to significant projects such as the Henri Konan Bédié Bridge and the iconic 4th Bridge in Abidjan.
Dr Adesina also acknowledged the robust support from African leaders, including Nigerian President Bola Tinubu and Vice President Kashim Shettima, for approving the $500 million replenishment of the Nigeria Trust Fund for another 15 years.
As his presidency approaches its conclusion, Dr Adesina affirmed his dedication to the continent: “I am immensely proud of the work we have accomplished and the profound impact the Bank has had on the daily lives of millions of Africans. I will continue to serve Africa today and in the future by God’s grace.”
Additionally, the African Development Bank launched a $750 million hybrid capital offering on the global capital market in 2024, becoming the first multilateral financial institution to do so, thereby creating a new asset class for global investors.
Dr Adesina further noted, “The African Development Bank collaborated with the Inter-American Development Bank to establish a framework for re-channeling the IMF Special Drawing Rights (SDRs) to multilateral development banks, which we can leverage by four to eight times to provide much-needed concessional financing at scale.”
“As my tenure as President draws to a close, I am immensely proud of our achievements and the significant impact the Bank has had on the daily lives of millions of Africans. This has been a collaborative effort in which we can all take great pride.”
