Nigeria Secures $268.6m EBID Financing for Energy, Agriculture, Industrialisation

Nume Ekeghe

Nigeria is set to receive a significant boost from the ECOWAS Bank for Investment and Development (EBID), as the institution has approved three major projects worth a combined $268.631 million for Taraba State.

The approvals, part of a total  $308.631 million financing package endorsed at the Bank’s 93rd Ordinary Session in Lomé, Togo, are aimed at catalysing clean energy, agricultural transformation, and industrialisation in West Africa.

In a statement from the bank, Nigeria is the largest share of the commitments and it is slated to flow into Taraba State through three strategic initiatives.

It stated: “A 50 MW Solar Photovoltaic Power Plant in Taraba State, Nigeria $98.18 million, which will augment the  supply  of  reliable clean electricity to  spur  inclusive economic

development, alleviate energy poverty, and improve  environmental sustainability.

“Anticipated  benefits  include  direct  electricity  access  for  roughly  390,000 individuals, enhanced power reliability for at least 200 public institutions, the creation of 400 direct jobs during  construction,  and  approximately  50  permanent  operational roles.  An  estimated

1,200–1,500 indirect jobs are expected to emerge across supply chains, maintenance services, and small businesses.

“A Modern Rice Processing Complex and 10,000-Hectare Irrigated Rice Production Unit in Taraba State, Nigeria $79.219 million. Designed to elevate production capacity and processing efficiency, this undertaking will strengthen food self-sufficiency, invigorate the agricultural sector, and underpin the State’s broader economic advancement.

“A Taraba State Industrial Park $ 91.232 million, an initiative conceived to accelerate local industrialisation and economic diversification through the establishment of a modern,

integrated industrial ecosystem.”

Together, these projects represent 87 percent of EBID’s latest approvals, underlining Nigeria’s central role in the Bank’s development strategy.

President and Chairman of EBID, Dr. George Agyekum Donkor, underscored that the newly approved financing would advance strategic public and private sector initiatives aligned with EBID’s mandate to promote sustainable development throughout the  ECOWAS region by strengthening regional integration and fostering economic diversification.