Taraba State Gets $268.63m Funding From ECOWAS Bank

The Economic Community of West African States (ECOWAS) Bank for Investment and Development (EBID) has approved $268.63 million for strategic development projects in Taraba State, Nigeria.

The approval, which formed part of the Bank’s $308.63 million regional investment package, was granted at the 93rd Ordinary Session of its Board of Directors held at the Bank’s headquarters in Lomé, Togo, under the chairmanship of EBID President, Dr George Agyekum Donkor.

The Taraba allocation covers three priority projects: a 50MW Solar Photovoltaic Power Plant ($98.18 million), a Modern Rice Processing Complex with a 10,000-hectare irrigated rice production unit ($79.22 million), and the Taraba State Industrial Park ($91.23m).

The solar power project is expected to expand access to electricity for over 390,000 residents, improve supply to more than 200 public institutions, and create at least 400 direct jobs during construction, with an additional 1,200 indirect jobs across its value chain.

On the agricultural front, the rice processing and production unit is targeted at boosting food security, strengthening agricultural value chains, and reinforcing Taraba’s economic resilience, while the industrial park is projected to accelerate industrialisation, diversify the economy, and expand local manufacturing capacity.

Speaking after the approvals, chairman of the EDIB, Dr. Donkor said the interventions align with EBID’s mandate to drive sustainable development and deepen regional integration. He added that the projects also support the United Nations Sustainable Development Goals (SDGs) on clean energy, food security, climate action, and decent work.

Donkor said the Bank’s intervention aligns with its mandate to promote sustainable development and regional integration. He noted that the projects also support the United Nations Sustainable Development Goals (SDGs), particularly those on clean energy, food security, climate action, and decent work.

The EBID president further stressed that the approvals are part of the Bank’s broader commitment to deepening its development footprint across the ECOWAS sub-region, ensuring inclusive growth and economic diversification.

According to details released after the meeting, $98.18 million of the funds will be channelled into 50MW Solar Photovoltaic Power Plant. Aimed at boosting electricity supply, project is expected to provide direct access to clean energy for about 390,000 residents, improve power reliability for 200 public institutions, and generate over 400 direct jobs during construction. Permanent operational roles and more than 1,200 indirect jobs across supply chains are also projected.

Another $79.29 million will also go into the Modern Rice Processing Complex and the 10,000-Hectare Irrigated Rice Production Unit, which is designed to scale up production and processing efficiency. The investment will reinforce food security, strengthen agricultural value chains, and enhance Taraba’s economic resilience.

The bank also allocated $91.232 million for the Taraba State Industrial Park which has the potential to fast-track industrialisation, the project seeks to establish an integrated industrial hub that will drive economic diversification and local manufacturing capacity.