By Onu Okorie

The ECOWAS Bank for Investment and Development EBID and the Taraba State Government have signed landmark loan agreements worth $268 million to finance major industrial, agricultural and renewable energy projects aimed at transforming the state’s economy.

This was disclosed in a statement made available to the media yesterday in Abuja by the EBID.

The statement explained that the agreements were signed at EBID Headquarters by the Bank’s President and Chairman of the Board of Directors, Dr. George Agyekum Donkor, and Taraba State Governor, Dr. Agbu Kefas, who led a high-level delegation of government officials, technical advisers and development partners.

The financing package comprises three strategic projects. It includes $91.23 million for the first phase of an integrated industrial park designed as a multi-cluster logistics and manufacturing hub to attract private investment, promote value addition and create jobs.

Another $79.21 million will fund 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 a 50-megawatt solar photovoltaic plant in Jalingo to improve electricity reliability, expand access to clean energy and support industrial development.

According to the statement, the projects align with EBID’s Growth, Resilience and Optimisation GRO Strategy, which prioritises investments that generate measurable economic, social and environmental benefits across West Africa.

Speaking during the signing ceremony, Dr. Donkor said the Bank’s investment in industrial infrastructure, agricultural value chains and renewable energy represents an integrated development package that will deliver lasting regional impact.

He noted that the partnership reflects EBID’s commitment to building resilient and competitive economies across West Africa.

Governor Kefas described the financing agreements as a transformative milestone for Taraba State, saying the partnership with EBID would lay the foundation for sustained economic transformation through stronger industry, enhanced food security and improved access to reliable and sustainable energy.

The statement added that the projects are expected to position Taraba as one of Nigeria’s leading industrial and agricultural hubs while supporting the country’s transition to a lower-carbon economy. It also reinforces EBID’s role as a regional development finance institution driving sustainable infrastructure and economic transformation across West Africa.