Nigeria has secured a major development boost as the ECOWAS Bank for Investment and Development (EBID) has approved three projects worth $268.631 million for Taraba State. 

The decision, endorsed during the Bank’s 93rd Ordinary Session in Lomé, Togo, highlights EBID’s commitment to clean energy, agricultural transformation and industrialisation across West Africa.

According to EBID, Nigeria received the largest share of the Bank’s latest financing package, with Taraba emerging as the focal point for three strategic initiatives.

50 MW Solar Power Plant ($98.18 million): This project will provide clean and reliable electricity for about 390,000 people, improve power supply for 200 public institutions, and generate 400 direct jobs during construction and 50 permanent operational roles. 

Up to 1,500 indirect jobs are expected across supply chains and support services.

Modern Rice Complex and Irrigated Rice Unit ($79.219 million): Covering 10,000 hectares, this facility aims to boost rice production and processing efficiency, strengthen food self-sufficiency, and expand Taraba’s role in Nigeria’s agricultural economy.

Taraba Industrial Park ($91.232 million): Designed as a modern industrial ecosystem, the park will accelerate local industrialisation, promote economic diversification, and create new investment opportunities.

Together, these projects account for 87 per cent of EBID’s total approvals at the session, positioning Nigeria at the centre of the Bank’s development agenda.

EBID President and Chairman, Dr George Agyekum Donkor, said the financing would advance strategic initiatives in both the public and private sectors while strengthening regional integration.

“This investment reflects our mandate to promote sustainable development in the ECOWAS region by fostering clean energy, food security, and inclusive economic growth,” Donkor stated.

Source: This Day

Image Credit: Africa Business