The ECOWAS Bank for Investment and Development (EBID) has approved $308.631 million for Nigeria and Guinea other West African countries to improve strategic investments in clean energy, industrial development and sustainable growth across the region.
The president and chairman of board of directors of the bank, Dr. George Donkor, announced the approval at EBID’s 93rd ordinary session held at headquarters in Lomé, Togo.
He said the new financing will advance strategic public and private sector initiatives, aligned with EBID’s mandate to promote sustainable development throughout ECOWAS by strengthening regional integration and fostering economic diversification.
The largest single project approved during the session is the financing of a 50 MW Solar Photovoltaic Power Plant in Taraba State, Nigeria, with an allocation of $98.18 million to address one of the most pressing constraints to development in the region: access to reliable, affordable and clean electricity.
The plant will contribute to reducing energy poverty, stimulating inclusive economic activity and promoting environmental sustainability.
The project is forecast to provide direct electricity access to around 390,000 individuals, while also improving power reliability for at least 200 public institutions such as schools and hospitals. Beyond the social benefits, the project will create an estimated 400 direct jobs during the construction phase and around 50 permanent operational roles.
In addition, between 1,200 and 1,500 indirect jobs are expected to be generated across supply chains, maintenance services and small businesses linked to the plant’s operations.
Another facility is the $79.219 million modern rice processing complex and 10,000-hectare irrigated rice production unit also in Taraba State.
Also included is the $91.232 million facility for Taraba State Industrial Park, an initiative conceived to accelerate local industrialisation and economic diversification through the establishment of a modern, integrated industrial ecosystem.
One of the key facilities approved is a $40 million line of credit to Vista Bank Guinea, aimed at bolstering trade-related activities in the country.
The funds will support import-export operations and strengthen commercial value chains, particularly in sectors critical to Guinea’s economic base.
EBID estimates that approximately 105 enterprises will benefit directly, with significant spill-over effects across supply chains and local communities.
The initiative is expected to generate and sustain several thousand direct and indirect jobs, contributing meaningfully to inclusive growth and helping to reduce unemployment, particularly among young people and women.
