The ECOWAS Bank for Investment and Development (EBID) has signed three loan agreements worth $268 million with the Taraba State Government to finance major investments in renewable energy, agriculture and industrial infrastructure aimed at accelerating economic development in the state.
The funding is expected to support three projects, including $91.23 million for the first phase of an integrated industrial park that will serve as a multi-cluster logistics and manufacturing hub capable of attracting private-sector investment, promoting value addition, and creating jobs.
Another $79.21 million will fund the development of 10,000 hectares of irrigated rice paddies, along with a modern rice milling and processing facility, to strengthen domestic food production and reduce dependence on imported rice.
In addition, EBID will provide $98.19 million to finance the construction of a 50-megawatt solar photovoltaic power plant in Jalingo, a project expected to improve electricity supply, expand access to clean energy and support industrial activities across the state.
The funding agreement was signed by the President and Chairman of the Board of Directors of EBID, Dr. George Agyekum Donkor, and the Governor of Taraba State, Dr. Agbu Kefas, who led a delegation of government officials, technical advisers and development partners.
According to the regional development finance institution, the investments align with its Growth, Resilience and Optimisation (GRO) Strategy, which prioritises projects capable of delivering measurable economic, social and environmental benefits across West Africa.
Speaking at the signing ceremony, Donkor said “by investing simultaneously in industrial infrastructure, agricultural value chains and renewable energy, EBID is delivering an integrated development package with lasting regional impact.
This partnership reflects our commitment to building resilient and competitive economies across West Africa.”
Describing the financing as a major milestone in the state’s development agenda, Taraba State Governor, Dr. Agbu Kefas, said “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.”
EBID noted that the projects are expected to position Taraba State as a leading industrial and agricultural hub in Nigeria while supporting the transition to a lower-carbon economy. For EBID, the agreements further reinforce its role as a leading regional development finance institution advancing sustainable infrastructure and economic transformation across West Africa.