The Economic Community of West African States (ECOWAS) has launched a $75 million energy innovation and development center aimed at promoting clean energy use, improving food security, and fostering regional integration in Abuja.
The President of ECOWAS, Dr. Omar Touray, announced the initiative, describing it as an important step in addressing energy challenges and economic development in the region.
The program will use a mixed funding model, which includes grants and loans.
Dr. Touray explained that the center will work on a demand-driven basis in seeking plans from experts, to ensure the provision of clean energy.
This initiative will help accelerate the implementation of renewable energy projects and efficiency measures, which will promote sustainable development and strengthen the economic resilience of the West African region.
One of the main things the center will support is financing for the 6,800-kilometer gas pipeline project from Nigeria to Morocco.
This project will be a way to transport 30 billion cubic feet of natural gas per year.
The pipeline is designed as a building block for the region’s energy development, with the potential to expand its reach to European countries through the export of natural gas.
In addition to addressing energy challenges, the facility will help improve food security by supporting investment in the agricultural sector. ECOWAS has earmarked $15 million to $19 million to improve rice storage, milling machinery, and agricultural equipment.
These measures are expected to increase the production of milled rice to 33 million tons, which will increase food security in the region and reduce dependence on imports.
Dr. Touray added that the plan would help achieve many benefits of regional integration, including implementing a single currency, air travel, and developing cooperation in the management of water resources.
“These measures will improve transport links, reduce administrative costs, and strengthen economic cooperation among ECOWAS countries,” said Dr Touray.
