- EBID will invest US$268 million in renewable energy, agriculture and industrial infrastructure to accelerate economic development in Taraba State.
- The financing includes a 50 MW solar power plant, a 10,000-hectare irrigated rice project and the first phase of an integrated industrial park.
The ECOWAS Bank for Investment and Development (EBID) has signed three loan agreements worth US$268 million with the Taraba State Government. The loan is to finance renewable energy, agriculture and industrial infrastructure projects aimed at accelerating economic growth in the state.
The financing package will support three strategic projects designed to strengthen industrialisation, improve food security and expand access to clean energy.
EBID will allocate US$91.23 million to the first phase of an integrated industrial park that will operate as a multi-cluster logistics and manufacturing hub. The project will attract private sector investment, promote value addition and create employment opportunities across the state.
In addition, the Bank will provide US$79.21 million to develop 10,000 hectares of irrigated rice paddies and establish a modern rice milling and processing facility. The investment will boost domestic rice production, strengthen agricultural value chains and reduce Nigeria’s dependence on imported rice.
Furthermore, EBID will invest US$98.19 million in the construction of a 50 MW solar photovoltaic power plant in Jalingo. The project will improve electricity supply, expand access to clean energy and provide reliable power to support industrial development across Taraba State.
EBID President and Chairman of the Board of Directors, Dr. George Agyekum Donkor, signed the financing agreements alongside the Governor of Taraba State, Dr. Agbu Kefas, who led a delegation of government officials, technical advisers and development partners.
According to EBID, the investments align with the Bank’s Growth, Resilience and Optimisation (GRO) Strategy, which prioritises projects that deliver measurable economic, social and environmental benefits across West Africa.
Speaking during the signing ceremony, Donkor said the Bank’s simultaneous investment in industrial infrastructure, agricultural value chains and renewable energy demonstrates its commitment to delivering integrated development with long-term regional impact.
He added that the partnership reflects EBID’s commitment to building resilient and competitive economies throughout West Africa.
Governor Kefas described the financing as a major milestone in Taraba State’s development agenda. He said the investment will strengthen industry, improve food security and expand access to reliable and sustainable electricity for residents.
EBID expects the projects to position Taraba State as a leading industrial and agricultural hub in Nigeria while supporting the country’s transition to a lower-carbon economy.
The Bank also noted that the agreements reinforce its role as a regional development finance institution driving sustainable infrastructure investment and economic transformation across West Africa.