Nigerian university expansion project receives AfDB loan

7th July 2017

By: David Oliveira

Creamer Media Staff Writer

     

Font size: - +

The African Development Bank (AfDB) last month signed agreements for a corporate loan to finance the expansion of Afe Babalola University (ABUAD), in Ado Ekiti, Nigeria.

The expansion project consists of the construction of new facilities – including a 400-bed teaching hospital, an industrial research park, a postgraduate school, student hostels, a central library and a small-scale hydropower installation.

The signing ceremony was held at the AfDB’s premises in Abuja, with representatives of the university and other lending partners in attendance, including Wema Bank, Sterling Bank, UBA, Union Bank and legal partner Templars.

ABUAD vice chancellor professor Micheal Oluwafemi Ajisafe explained that the expansion would improve access to high-quality education for more than 10 000 students, create 250 new staff positions, as well as about 1 000 temporary jobs across construction, supplies and consulting in the value chain.

In addition, full and/or partial scholarships and other forms of financial aid will be provided for more than 500 students. With an emphasis on life, leadership and entrepreneurial skills, the university will generate more than 12 000 high-quality and employable graduates by the end of the loan life, in addition to more than 2 400 trained farmers, who will benefit from the university’s training and entrepreneurial programmes for farmers. 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 more than 50-million naira yearly.

Edited by Martin Zhuwakinyu
Creamer Media Senior Deputy Editor

Comments

The functionality you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION