The ECOWAS Bank for Investment and Development has approved a $268 million financing package for the Taraba State Government to drive large-scale investments in renewable energy, agriculture and industrial infrastructure, in a move aimed at accelerating economic growth and job creation in the state.
The funding was formalised through three loan agreements signed on June 26 at the bank’s headquarters by EBID President and Chairman of the Board of Directors, George Agyekum Donkor, and the Governor of Taraba State, Agbu Kefas.
Under the financing package, $91.23 million will support the first phase of an integrated industrial park designed to serve as a multi-cluster manufacturing and logistics hub, with the capacity to attract private investment, stimulate local value addition and generate employment opportunities.
The bank also committed $79.21 million to develop 10,000 hectares of irrigated rice fields alongside a modern rice milling and processing facility to boost domestic rice production, strengthen food security and reduce reliance on imported rice.
Another $98.19 million will 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 provide reliable power for industries and businesses across the state.
EBID said the investments are consistent with its Growth, Resilience and Optimisation (GRO) Strategy, which focuses on financing projects capable of delivering sustainable economic, social and environmental benefits across West Africa.
Speaking during the signing ceremony, Donkor said the bank’s decision to simultaneously invest in industrial infrastructure, agricultural value chains and renewable energy demonstrates its commitment to supporting resilient and competitive economies across the sub-region.
Kefas described the financing as a landmark achievement for Taraba, saying the projects would strengthen industrial development, improve food production and expand access to sustainable energy, laying the foundation for long-term economic transformation.
According to the regional lender, the investments are expected to position Taraba as a major industrial and agricultural hub in Nigeria while advancing the state’s transition to a cleaner, lower-carbon economy. The agreements also reinforce EBID’s role in financing sustainable infrastructure and promoting inclusive economic development across West Africa.
