- ECOWAS Bank approves $98.18m for a 50MW solar project in Taraba State, boosting clean energy access.
- A $91.23m investment by ECOWAS Bank in Taraba State Industrial Park aims to drive local industrialisation.
The ECOWAS Bank for Investment and Development (EBID) has approved $308.63 million to drive clean energy, agriculture, and industrial growth in West Africa. The announcement came during its 93rd Ordinary Session in Lomé, Togo.
Dr George Agyekum Donkor, President of EBID, explained that the funding supports public and private projects. He stressed that these investments match the bank’s mandate to strengthen regional integration, promote diversification, and support sustainable development.
Nigeria gained a significant share of the funding. EBID approved $98.18 million for a 50MW solar power plant in Taraba State. This project will supply reliable electricity, reduce energy poverty, and advance sustainability. It will benefit 390,000 people, improve power for 200 public institutions, and create 400 construction jobs, plus 50 permanent roles. Another 1,500 indirect jobs will also emerge through supply chains and small businesses.
The bank also committed $79.22 million to a modern rice processing complex and a 10,000-hectare irrigated rice unit in Taraba. This aims to boost food security and expand agricultural value chains. Additionally, EBID approved $91.23 million for the Taraba State Industrial Park. This hub will support local manufacturing, accelerate industrialisation, and attract new investors.
Beyond Nigeria, EBID provided Vista Bank in Guinea with a $40 million credit line to enhance trade financing and support import activities.
Through these investments, EBID reinforces its role as a key driver of clean energy, food security, and industrial transformation in the ECOWAS region.