BEVERLY HILLS, September 26, (THEWILL) – President Muhammadu Buhari has declared that Nigeria will fulfil its obligations to the ECOWAS Bank for Investment and Development (EBID) despite the economic downturn caused largely by fallen prices of oil in the international market.
“We may be limping because of fallen oil prices, but we will fulfil our commitments to the bank. We may have fallen behind, but we will live up very soon. We will maintain the objectives of setting up the bank, which is to help our less financially endowed neighbours,” Buhari saidon Monday as he received President of the bank, Mr. Bashir Mamma, at State House, Abuja.
Mr. Mamma recalled that EBID, the financing arm of ECOWAS, which has been there for about 30 years, was initially set up as a Fund to help less developed West African states, but now covers all parts of the sub-region.
He added that EBID set up Ecobank, and has also established an airline, after the national airlines of most member countries collapsed.
THEWILL notes that EBID was established by the 15 ECOWAS Member States comprising Benin, Burkina Faso, Capo Verde, Côte d’Ivoire, The Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone and Togo with its headquarters in Lome, Togolese Republic.
Story by David Oputah
About the Author
