The ECOWAS commissioner for infrastructure, energy, and digitalisation, Sediko Douka, disclosed this during a news conference in Abuja on Thursday.

The Economic Community of West African States says it requires about $5.2 billion to address the infrastructure deficit and achieve its core objectives of driving the subregion’s economic growth.

The ECOWAS commissioner for infrastructure, energy and digitalisation, Sediko Douka, disclosed this during a news conference in Abuja on Thursday.

He said that to curb these challenges, the subregion’s leaders had earlier approved the creation of an ECOWAS fund to develop and finance the transport and energy sectors (FODETE).

Mr Douka explained that the fund was dedicated to financing regional infrastructure, particularly in the transport and energy sectors, and financed by taxing member states’ main export resources, such as agriculture, oil and gas, and natural minerals.

He described FODETE as a viable funding mechanism, expected to generate more than $350 million annually and would continue to grow over a projected 20-year period.

The ECWOAS official said that to address the numerous infrastructure challenges in West Africa, ECOWAS had implemented various regional electricity and energy programs and projects to promote subregional economic integration and growth.

“To address these challenges, ECOWAS set up specialised agencies in the field of energy, namely, the West African Power Pool (WAPP) in Cotonou, Benin.