Despite the economic downturn caused largely by fallen prices of oil in the international market, President Muhammadu Buhari says Nigeria will fulfill its obligations to the ECOWAS Bank for Investment and Development (EBID).
Receiving President of the Bank, Bashir Mamma, at State House, Abuja, yesterday, Buhari said: “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.”
Mr. Mamma disclosed that EBID is the financing arm of ECOWAS, which has been there 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.”
He added that EBID set up Ecobank, and has also established an airline, after the national airlines of most member countries collapsed.