The African Development Bank (AfDB) says its priority is the Integration of West Africa sub-region to improve access to basic infrastructure, foster increased trade and economic growth.
Mr Ebrima Faal, a Senior Director in AfDB stated this in Abuja at the 9th Steering Committee Meeting for the Abidjan-Lagos corridor highway development.
He said the bank in partnership with ECOWAS and other sub-regional organisations had played key role in financing corridor projects in West Africa.
According to him, the highly strategic Abidjan-Lagos Corridor, which attracts 75 per cent of trade in West Africa is among the people projects being financed by the bank.
He said the construction of Port Roundabout-Avepozo, in Togo; Tema-Aflao and Akatsi-Dzodze-Noepe in Ghana and Pahou-Ouidah-Hillacondji in Benin were among projects being financed by the bank.
“Article two of the Agreement Establishing the African Development Bank recommends paying special attention to the selection of suitable multinational projects.
“As a result, `Integrate Africa’ is one of the high five priorities of the bank and Africa accounts for only 2 per cent of global trade and intra-African trade is about 12 per cent.
“In West Africa, intra-regional trade is just around 5 per cent compared to the 69 per cent in Europe, and 53 per cent in Asia.
“Regional integration is therefore critical for boosting economic growth in Africa,” he said.
He said efforts to boost trade in ECOWAS had been hampered by obstacles like excessive entry and exit border administrative and transaction cost, high transport cost and high market segmentation.
Faal said the challenges require the scaling up of infrastructure investment to improve connections between and within African countries.
The official said the objective of the 22.7 million dollars Abidjan-Lagos Corridor Highway Study was to undertake all the technical studies for the implementation, operation and economic development of a six-lane carriageway.
He said the corridor would traverse between Abidjan and Lagos via Accra, Lome and Cotonou.