PANAPRESS
Panafrican News Agency
Nigeria: AfDB supports Nigerian University's expansion with US$40 million loan
Abuja, Nigeria (PANA) - The African Development Bank (AfDB) has signed an agreement for a corporate loan to finance the expansion of the privately-owned Afe Babalola University (ABUAD) in Ado Ekiti, south west Nigeria.
The Bank said, in a report in its media outlet, that the expansion plan consists of construction of new facilities - including a 400-bed teaching hospital, an industrial research park, a post-graduate school, student hostels, a central library, and a small-scale hydro power installation.
The signing ceremony was held at the AfDB premises in Abuja, the Nigerian capital, with representatives of the University and other lending partners (WEMA Bank, Sterling Bank, UBA, Union Bank and legal partners Templars) in attendance.
The Vice Chancellor of the University, Prof. Micheal Oluwafemi Ajisafe, explained that the expansion will improve access to high quality education to over 10,000 students, create 250 new staff positions as well as about 1,000 temporary jobs across the construction, supplies and consulting in the value chain.
In addition, full/partial scholarships and other forms of substantial financial aid will be provided to over 500 student beneficiaries.
He said: "With emphasis on life skills, leadership skills and entrepreneurial skills, the University will generate over 12,000 high quality and employable graduates by the end of the loan life, in addition to over 2,400 trained farmers who will benefit from the University’s farmers training and entrepreneurial programmes. The industrial research park is expected to galvanise the interest of industrialists and investors to establish SME industries in Ekiti State, and improve the State’s revenues by over 50 million Naira annually.
The AfDB Nigeria Senior Director, Ebrima Faal, commended the design of the project which he said thoroughly fits into the Bank’s High5 priorities by contributing to improve the quality of life for the people of Africa through high-quality tertiary education, job creation and health service provision; fostering industrialization through its industrial research park, powering Africa through its off-grid renewable Small Hydro Power (SHP) scheme and feeding Africa through its support to local farming businesses.
Faal also highlighted the alignment of the project with two core focus areas of the Bank’s Ten-Year Strategy, namely skills
The Bank said, in a report in its media outlet, that the expansion plan consists of construction of new facilities - including a 400-bed teaching hospital, an industrial research park, a post-graduate school, student hostels, a central library, and a small-scale hydro power installation.
The signing ceremony was held at the AfDB premises in Abuja, the Nigerian capital, with representatives of the University and other lending partners (WEMA Bank, Sterling Bank, UBA, Union Bank and legal partners Templars) in attendance.
The Vice Chancellor of the University, Prof. Micheal Oluwafemi Ajisafe, explained that the expansion will improve access to high quality education to over 10,000 students, create 250 new staff positions as well as about 1,000 temporary jobs across the construction, supplies and consulting in the value chain.
In addition, full/partial scholarships and other forms of substantial financial aid will be provided to over 500 student beneficiaries.
He said: "With emphasis on life skills, leadership skills and entrepreneurial skills, the University will generate over 12,000 high quality and employable graduates by the end of the loan life, in addition to over 2,400 trained farmers who will benefit from the University’s farmers training and entrepreneurial programmes. The industrial research park is expected to galvanise the interest of industrialists and investors to establish SME industries in Ekiti State, and improve the State’s revenues by over 50 million Naira annually.
The AfDB Nigeria Senior Director, Ebrima Faal, commended the design of the project which he said thoroughly fits into the Bank’s High5 priorities by contributing to improve the quality of life for the people of Africa through high-quality tertiary education, job creation and health service provision; fostering industrialization through its industrial research park, powering Africa through its off-grid renewable Small Hydro Power (SHP) scheme and feeding Africa through its support to local farming businesses.
Faal also highlighted the alignment of the project with two core focus areas of the Bank’s Ten-Year Strategy, namely skills
