Buhari says Nigeria will fulfil financial obligations to ECOWAS Bank

Despite Nigeria’s current economic status caused largely by fallen prices of oil in the international market, President Muhammadu Buhari in Monday said the country will fulfill its obligations to the ECOWAS Bank for Investment and Development (EBID).

According to a statement by Presidential Media Aide, Femi Adesina, receiving President of the bank, Bashir Mamma, at State House, Abuja, Monday, President Buhari said Nigeria will ensure it keeps to the objectives of setting up the bank, which is help its neighbour’s financially.

Nigeria, the biggest economy in the ECOWAS region is currently in a recession even as oil prices, which is its main source of revenue dip. Despite the recession Buhari says the country will continue to play its big brother role to less financially endowed countries in the region.

“We may be limping because of fallen oil prices, but we will fulfill 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.”

EBID is the financing arm of ECOWAS, which has existed for about 30 years, and was initially set up as a Fund, “to help less developed West African states, but we now cover all parts of the sub-region” Mamma said.

He added that EBID set up Ecobank, and has also established an airline, after the national airlines of most member countries collapsed.

 

Elizabeth Archibong