In a landmark achievement for sub-national development in Nigeria, Taraba State has secured a $268.64 million financing package from the ECOWAS Bank for Investment and Development (EBID), marking the largest foreign direct investment secured by any state in 2025.
The historic deal is being hailed as a major win for Governor Agbu Kefas and a direct outcome of the TARAVEST investment summit held earlier this year, which aimed to reposition Taraba as a hub for agribusiness and renewable energy.
Senior state officials have lauded the development, describing it as a bold validation of Gov. Kefas’s economic transformation agenda.
“This is more than just numbers,” said Nelson Dimas, Special Adviser to the governor on Policy and Strategic Communications.
“This investment is tied to tangible projects that will directly impact the lives of our people, from improved food security to energy access and enterprise growth.”
The EBID financing, according to Dimas, will support a range of multi-sector initiatives across Taraba, including a 10,000-hectare rice farm and state-branded rice mill designed to reduce Nigeria’s dependence on imported rice and integrate Taraba into the national rice value chain.
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According to him, it will also support an industrial park focused on agro processing and logistics aimed at supporting small and medium-sized enterprises, reducing post-harvest losses, and enhancing market access for farmers, and a 50MW solar power plant to address chronic energy supply issues, providing reliable electricity to both industries and communities, and boosting Taraba’s attractiveness to investors.
Dimas noted that the total economic impact of the projects is projected to exceed N400 billion with significant outcomes anticipated in job creation, infrastructure development, tax revenue growth, and overall economic resilience.
Responding to earlier skepticism surrounding the TARAVEST summit, Dimas said the investment deal underscores the summit’s strategic value.
“For those who dismissed TARAVEST as an expensive showpiece, this investment is the answer,” he said.
“It has delivered the biggest foreign direct investment of any Nigerian state this year.”
He also emphasized that Gov. Kefas remains committed to reducing the state’s reliance on federal allocations by expanding private sector participation and creating sustainable economic opportunities.
“This agreement is not only a turning point for Taraba but also a blueprint for how sub-national governments in Nigeria can attract strategic investment to drive inclusive and transformative growth,” Dimas added.
With this EBID-backed investment, the state, he said, is now positioning itself as a frontrunner in sustainable development in Nigeria, especially in the critical sectors of agriculture and renewable energy, two of Africa’s fastest-growing industries.
