The African Development Bank (AfDB) and the Economic Community of West African States (ECOWAS) have signed an $11.18 million agreement aimed at enhancing rice production across the region. The announcement was made by ECOWAS in a video shared on its social media platforms on Tuesday.
Speaking at the signing ceremony in Abuja, ECOWAS Commission President Omar Touray emphasized the importance of the partnership in achieving self-sufficiency in rice production for member states.
“This is not the first time the African Development Bank has responded to our call for support,” Touray said. “They have been working with us on major flagship programs such as the Lagos Corridor. Now, they have once again stepped in to support food security efforts.”
Touray expressed gratitude to AfDB President Dr. Akinwumi Adesina and the bank’s management, pledging that ECOWAS would expedite the implementation of the initiative.
Laying the Groundwork for Regional Self-Sufficiency
Abdul Kamara, AfDB’s Director-General for Nigeria, highlighted the project’s significance in reducing West Africa’s reliance on rice imports and strengthening the agricultural sector.
“Today marks a historic moment as the African Development Bank and ECOWAS sign an agreement of $11.18 million, leveraging the ECOWAS Rice Observatory, which has been instrumental in engaging and organizing member countries,” Kamara stated.
He also noted that the AfDB’s special agro-industrial processing zones, which focus on value chain development, would further support the success of this initiative.
Previous Collaborations Between AfDB and ECOWAS
This agreement is part of a broader collaboration between AfDB and ECOWAS. In 2019, AfDB provided financial backing for the $2 billion Lagos-Abidjan highway project. More recently, in 2023, the bank partnered with the ECOWAS Bank for Investment and Development (EBID) to offer a dual-currency credit line of $50 million and €50 million to support agricultural businesses in the region.
With this latest funding, both organizations aim to drive sustainable agricultural development and improve food security across West Africa.