By Terna Chikpa
The ECOWAS Bank for Investment and Development (EBID) and the Taraba State Government have signed a $268 million loan agreement to boost investments in the state.
In a statement issued by the Special Adviser to Governor Agbu Kefas on Media and Digital Communications, Hon. Emmanuel Bello, the state government said the loan would finance projects in the power, agriculture and industrial sectors to drive economic transformation.
According to the statement, the financing package covers three strategic interventions.
“USD 91.23 million is for Phase I of an integrated industrial park, a multi-cluster logistics and manufacturing hub designed to attract private investment, stimulate value addition and create jobs.
“USD 79.21 million is to develop 10,000 hectares of irrigated rice paddies and establish a modern rice milling and processing facility. The project is aimed at strengthening food security and reducing dependence on imported rice.
“USD 98.19 million is to finance a 50MW solar photovoltaic plant in Jalingo to improve grid reliability, expand access to clean energy and support industrial growth,” the statement said.
It added that the loan agreements were signed at the EBID headquarters by the President and Chairman of the Board of Directors of EBID, Dr. George Agyekum Donkor, and Governor Agbu Kefas.
The statement noted that the projects align with EBID’s Growth, Resilience and Optimisation (GRO) Strategy, which prioritises investments that deliver measurable economic, social and environmental impact across its member states.
Dr. Donkor was quoted as saying, “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.”
Governor Kefas described the agreement as a transformational milestone for Taraba State.
“This financing, secured through our partnership with EBID, lays the foundation for economic transformation by strengthening industry, enhancing food security and expanding access to reliable, sustainable energy for the people of Taraba State,” he said.
He added that, “Collectively, the projects are expected to position Taraba State as a leading industrial and agricultural hub in Nigeria while supporting the transition to a lower-carbon economy.”
God dey