This article was produced with the support of ECOWAS Bank for Investment and Development
The ECOWAS Bank for Investment and Development (EBID) and the Government of Taraba State in Nigeria have signed three landmark loan agreements worth a combined USD 268 million to finance major industrial, agricultural and renewable energy projects.
The agreements were signed on 26 June at EBID’s headquarters by Dr George Agyekum Donkor, President and Chairman of the Board of Directors of EBID, and Dr Agbu Kefas, Executive Governor of Taraba State, who led a high-level delegation of government officials, technical advisers and development partners.
The financing package comprises three strategic investments designed to accelerate the state’s economic development. The largest allocation, USD 98.19 million, will fund the construction of a 50 MW solar photovoltaic plant in Jalingo, improving grid reliability, expanding access to clean energy and supporting industrial growth.
A further USD 91.23 million will finance the first phase of an integrated industrial park, a multi-cluster manufacturing and logistics hub intended to attract private investment, promote value addition and create employment.
The remaining USD 79.21 million will support the development of 10,000 hectares of irrigated rice paddies, alongside a modern rice milling and processing facility, with the aim of strengthening food security and reducing Nigeria’s dependence on imported rice.
The projects are aligned with EBID’s Growth, Resilience and Optimisation (GRO) Strategy, which prioritises investments that generate measurable economic, social and environmental benefits across West Africa.
Speaking at the signing ceremony, Dr Donkor said the package reflected the bank’s integrated approach to development.
He added that the partnership demonstrated the bank’s commitment to building more resilient and competitive economies across West Africa.
Governor Kefas described the agreements as a transformative milestone for Taraba State.
“This financing, secured through our partnership with EBID, lays the foundation for economic transformation by strengthening industry, enhancing food security and expanding access to reliable, sustainable energy for the people of Taraba State,” he said.
Together, the three projects are expected to strengthen Taraba State’s position as a leading industrial and agricultural centre in Nigeria while supporting its transition to a lower-carbon economy. For EBID, the agreements reinforce its role as a regional development finance institution supporting sustainable infrastructure and long-term economic transformation across West Africa.