Nigeria’s finance minister, Kemi Adeosun has been appointed as Chairperson of the Economic Community of West African States (ECOWAS) Investment Bank. She succeeds Hassumi Massoudou , the Finance Minister of the Republic of Niger.
At the event which was declared open by Vice President Yemi Osinbanjo, Mrs Adeosun canvassed for inclusive growth as a model of development by West African countries. “It is time for a shift to a new model which ensures that opportunities from economic growth and development can be enjoyed and shared by more people in the sub-region.
The ECOWAS Bank for Investment and Development (EBID), is the financial institution established by the 15 Member States of the Economic Community of West African States (ECOWAS) comprising Benin, Burkina Faso, Capo Verde, Côte d’Ivoire, The Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone and Togo. The Bank’s headquarters is in Lome, Republic of Togo. The treaty establishing ECOWAS also established the ECOWAS fund, which was converted in 1999 to the ECOWAS investment bank. The EBID however became functional in 2003.