Barbara Bako, Abuja.
The ECOWAS Bank for Investment and Development (EBID) has approved a $268 million financing package for three major development projects in Taraba State aimed at boosting industrialisation, agriculture and renewable energy.
The loan agreements were signed on June 26 at the bank’s headquarters in Lomé, Togo, by EBID President and Chairman of the Board of Directors, Dr. George Agyekum Donkor, and Taraba State Governor, Dr. Agbu Kefas, who led a delegation of government officials and development partners.
Under the financing arrangement, $91.23 million will support the first phase of an integrated industrial park expected to serve as a manufacturing and logistics hub that will attract private investment, stimulate value addition and create jobs.
Another $79.21 million has been earmarked for the development of 10,000 hectares of irrigated rice paddies alongside a modern rice milling and processing facility to strengthen food security and reduce reliance on imported rice.
The remaining $98.19 million will finance the construction of a 50-megawatt solar photovoltaic power plant in Jalingo to improve electricity supply, expand access to clean energy and support industrial activities in the state.
Speaking at the signing ceremony, EBID President, Dr. George Agyekum Donkor, said the projects reflect the bank’s commitment to promoting integrated development across West Africa through investments in infrastructure, agriculture and renewable energy.
He noted that the intervention aligns with the bank’s Growth, Resilience and Optimisation (GRO) Strategy, which focuses on projects with significant economic, social and environmental benefits.
Governor Agbu Kefas described the financing as a major milestone in the state’s economic development agenda, saying it would strengthen industrial capacity, improve food production and expand access to reliable and sustainable electricity.
According to EBID, the projects are expected to position Taraba as a leading industrial and agricultural hub in Nigeria while supporting the transition to a lower-carbon economy and reinforcing the bank’s role in financing sustainable development across West Africa.
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