Business

ECOWAS Bank okays $308.63m for Nigeria, Guinea

The bank gave the approval during its 93rd Ordinary Session convened at the it’s headquarters in Lomé, the Togolese capital.

Published

11 months ago

October 2, 2025

OCHEFA

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ECOWAS Bank for Investment and Development (EBID), has approved $308.631 million for the implementation of various projects in Taraba State, Nigeria, and a $40 million credit line for Vista Bank, Guinea, to bolster trade-related activities, including import-export operations and commercial value chains.

The bank gave the approval during its 93rd Ordinary Session convened at the it’s headquarters in Lomé, the Togolese capital.

President and Chairman of Board of Directors of the bank, Dr. George Agyekum Donkor, said the newly approved financing would advance strategic public and private sector initiatives, aligned with EBID’s mandate to promote sustainable development throughout the Economic Community of West African States by strengthening regional integration and fostering economic diversification.

The approved facilities include the $98.18 for a 50 MW Solar Photovoltaic Power Plant in Taraba State, Nigeria, , which will augment the supply of reliable, clean electricity to spur inclusive economic development, alleviate energy poverty, and improve environmental sustainability.

Anticipated benefits include direct electricity access for roughly 390,000 individuals, enhanced power reliability for at least 200 public institutions, the creation of 400 direct jobs during construction, and approximately 50 permanent operational roles.

The bank noted that an estimated 1,200–1,500 indirect jobs were expected to emerge across supply chains, maintenance services,and small businesses.

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.

Related Topics:ECOWAS Bank Nigeria's Taraba projects Featured

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Naira Exchange Rates Thursday, August 27

Today, the Naira Black Market exchange rate for 1 US Dollar is 1405 Naira, while the Central Bank of Nigeria (CBN) sets the official exchange rate for the Nigerian Naira against dollars at N1,343.59.

Published

17 hours ago

August 27, 2026

OCHEFA

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Today, the Naira Black Market exchange rate for 1 US Dollar is 1405 Naira, while the Central Bank of Nigeria (CBN) sets the official exchange rate for the Naira against dollars at N1,343.59

BLACK MARKET RATES

US Dollar (USD) Buy ₦1,405 Sell ₦1,410

Great British Pound(GBP) Buy ₦1,895 Sell: ₦1,915

EURO (EUR) Buy ₦1,595 Sell ₦1,615

Canadian Dollar (CAD) Buy ₦1,020 Sell ₦1,080

South African Rand (ZAR) Buy ₦75 Sell ₦90

Ghana CEDI (GHS) Buy ₦95 Sell ₦110

West African CFA Buy ₦2, 300 Sell ₦2, 400

CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250

CBN Exchange Rates

US Dollar (USD) ₦1,343.59

Great British Pound (GBP) ₦1,827.96

EURO (EUR) ₦1,566.09

Swiss Franc (CHF) ₦1,668.44

Chinese Yuan (CNY) ₦199.87

Japanese Yen (Yen) ₦8.43

West African CFA (XOF) ₦2. 39

West African Unit Account (WAUA) ₦1,847.86

Saudi Riyal (SAR) ₦357.84

South African Rand (ZAR) ₦84.16

Business

Meta U.S. agrees to pay $18bn lawsuits over children’s social media addiction

Meta agreed for the next decade to restrict teenagers’ use of Facebook and Instagram to two hours a day and block all usage from midnight to 6 a.m., absent parental consent.

Published

1 day ago

August 26, 2026

OCHEFA

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Meta Platforms on Wednesday agreed to make major changes to Facebook and Instagram and pay up to $18 billion to resolve claims by most U.S. states that it designed those platforms to addict children and misled consumers about their safety.

Reuters reported that the settlements end a federal trial that had been one of the highest-profile tests of allegations that social media companies harm children.

It said that while Meta will not undergo a fundamental overhaul, the ‌accords represent a sweeping effort to define how it serves young users.

The focus of this case was to protect our kids,” Colorado Attorney General Phil Weiser said in a statement.

“The relief we are getting in this settlement is very meaningful and well beyond what any court has ordered or is likely to order.”

Meta agreed for the next decade to restrict teenagers’ use of Facebook and Instagram to two hours a day and block all usage from midnight to 6 a.m., absent parental consent.

These limits could be tightened if other social media companies adopt similar terms.

Meta will also enhance measures to prevent children from accessing age-restricted content.

The settlement does not require Meta, which denied wrongdoing in agreeing to settle, to abandon personalized recommendations or targeted advertising.

The total payout represents about three to four months of profit for the Menlo ⁠Park, California-based company.