The African Development Bank (AfDB) has signed an agreement with Afe Babalola University
(ABUAD), Ado-Ekiti, Ekiti State for a corporate loan to finance the
institution’s expansion.
A statement from the bank stated 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 hydropower installation.
The signing ceremony was held at AfDB premises in Abuja with
representatives of the university and other lending partners (WEMA Bank,
Sterling Bank, UBA, Union Bank and legal partners Templars) in attendance.
The continental bank said the university’sVice Chancellor,
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.
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 N50 million annually.
AfDB Nigeria Senior Director Ebrima Faal hailed the
project’s design, 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 industrialisation 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 &
technology and private sector development.
ABUAD Bursar Pastor Modupe Babalola assured AfDB and other
lenders of the university’s commitment that the project funds will be
administered with honesty, transparency and accountability.
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