Lomé, Togo – October 2, 2025 – The ECOWAS Bank for Investment and Development (EBID) has approved more than USD 308 million in financing to drive renewable energy, agribusiness, trade, and industrialisation projects in Nigeria and Guinea. The announcement was made during the Bank’s 93rd Ordinary Session, chaired by President and Board Chairman Dr. George Agyekum Donkor, who underscored EBID’s mission to accelerate sustainable growth and deepen regional integration.
Catalytic Financing for Transformation
Dr. Donkor highlighted that the newly approved projects reflect EBID’s long-term mandate to diversify economies and strengthen resilience across the ECOWAS region. “Our focus is to provide catalytic financing that enables both public and private sector players to deliver transformative initiatives, building resilience and opportunity across the sub-region,” he said.
The funding package spans four strategic initiatives—renewable energy, agribusiness, industrialisation, and trade finance—each designed to unlock new economic opportunities, create jobs, improve energy access, and enhance food security.
Boosting Trade in Guinea
A USD 40 million line of credit has been extended to Vista Bank Guinea to support trade-related activities. The facility will strengthen import-export operations and reinforce commercial value chains, particularly in sectors vital to Guinea’s economy. EBID estimates that around 105 enterprises will benefit directly, with ripple effects across supply chains and local communities. Thousands of jobs are expected to be created, with a strong focus on opportunities for youth and women.
Expanding Renewable Energy in Nigeria
The largest single project approved is a 50 MW solar photovoltaic power plant in Taraba State, Nigeria, backed by USD 98.18 million. The project will expand Nigeria’s renewable energy capacity, providing direct electricity access to nearly 390,000 people and improving power reliability for 200 public institutions, including schools and hospitals.
Beyond energy access, the project is expected to generate 400 construction jobs, 50 permanent roles, and up to 1,500 indirect jobs across supply chains and maintenance services. It also advances environmental sustainability by reducing reliance on fossil fuels.
Strengthening Food Security
Agriculture is another major focus, with USD 79.2 million allocated for a modern rice processing complex and a 10,000-hectare irrigated rice production unit in Taraba State. The initiative aims to boost Nigeria’s rice self-sufficiency, reduce imports, and add value through modern processing. It will also support smallholder farmers, create rural employment, and strengthen the country’s agro-industrial base.
Driving Industrialisation
Complementing these efforts, EBID has approved USD 91.2 million for the development of a new industrial park in Taraba State. Conceived as an integrated industrial ecosystem, the park will attract investment, nurture entrepreneurship, and stimulate manufacturing. Thousands of jobs are expected to be created as new value chains emerge, supporting Nigeria’s long-standing goal of diversifying its economy beyond hydrocarbons.
Aligned with Global Goals
Together, these projects reflect EBID’s holistic approach to development finance and align closely with the United Nations Sustainable Development Goals (SDGs):
• SDG 2 (Zero Hunger): Rice production and processing complex.
• SDG 7 (Affordable and Clean Energy): Solar power plant.
• SDG 8 (Decent Work and Economic Growth): Vista Bank credit line.
• SDG 9 (Industry, Innovation and Infrastructure): Industrial Park.
• SDG 13 (Climate Action): Renewable energy expansion.
A Model for Regional Transformation
By concentrating multiple projects in Taraba State, EBID is creating synergies that demonstrate how integrated investments in energy, agriculture, and industry can catalyse local transformation. The Bank sees these initiatives as models that can be replicated across West Africa.
Dr. Donkor stressed that these investments are part of a broader strategy: “Each of these initiatives has been carefully designed to deliver measurable impact across multiple fronts – from reducing poverty and unemployment to addressing climate change and enhancing food security.”
Looking Ahead
EBID’s growing role as a development partner for ECOWAS member states is clear. By targeting renewable energy, agribusiness, and industrialisation, the Bank is tackling structural challenges such as energy poverty and food insecurity while building resilience against external shocks.
The approval of USD 308.6 million at its latest session underscores EBID’s ambition to remain at the forefront of West Africa’s development journey. By investing in projects that combine economic, social, and environmental benefits, the Bank is laying the foundation for a more prosperous, resilient, and sustainable future for the region.