The ECOWAS Bank for Investment and Development (EBID) and the Taraba state government have signed three landmark loan agreements worth a combined $268 million to finance major industrial, agricultural and renewable energy projects aimed at accelerating economic transformation in the state.

The agreements were on weekend signed at EBID Headquarters in Lomé by the bank’s President and Chairman of the Board of Directors, Dr. George Agyekum Donkor, and the governor of Taraba state, Dr. Agbu Kefas, who led a delegation of government officials, technical advisers and development partners.

The financing package, as gathered by The Guardian,  will support three strategic projects designed to boost industrialisation, strengthen food security and expand access to clean energy.

The largest allocation includes $98.19 million for the construction of a 50-megawatt solar photovoltaic power plant in Jalingo. The project is expected to improve electricity supply, enhance grid reliability and provide clean energy to support industrial development.

Another $91.23 million has been earmarked for the first phase of an integrated industrial park. The multi-cluster logistics and manufacturing hub is expected to attract private sector investment, promote value addition and create employment opportunities across the state.

In the agricultural sector, $79.21 million will fund the development of 10,000 hectares of irrigated rice paddies alongside a modern rice milling and processing facility. The project is expected to increase local rice production, improve food security and reduce Nigeria’s dependence on imported rice.

The projects align with EBID’s Growth, Resilience and Optimisation (GRO) Strategy, which focuses on investments that deliver measurable economic, social and environmental benefits across member states.

Speaking at the signing ceremony, Dr. Donkor described the financing package as a comprehensive development initiative.

“By investing simultaneously in industrial infrastructure, agricultural value chains and renewable energy, EBID is delivering an integrated development package with lasting regional impact. This partnership reflects our commitment to building resilient and competitive economies across West Africa,” he said.

Governor Kefas described the agreements as a major milestone in Taraba State’s development agenda, saying the financing would strengthen industry, improve food security and expand access to reliable and sustainable energy for residents.

The projects are expected to position Taraba State as a leading industrial and agricultural hub in Nigeria while supporting the country’s transition to a lower-carbon economy. For EBID, the agreements reinforce its role as a key regional development finance institution supporting sustainable infrastructure and economic growth across West Africa.