AfDB Grants $40M Loan for AfeBabalola University Expansion in Nigeria
The African Development Bank has sanctioned a $40 million loan to AfeBabalola University to enhance educational capacity and infrastructure. This initiative aims to significantly increase student enrollment, producing over 12,000 graduates annually by 2025, addressing the skills gap in Nigeria's workforce.
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The African Development Bank (AfDB) approved a corporate loan of $40 million to AfeBabalola University (ABUAD) for an eight-year period to support its expansion plan. This project is set to improve educational access for over 10,000 students annually, addressing the issue wherein over 75% of Nigerian graduates are not fully employed.
Key components include constructing a 400-bed teaching hospital, an industrial research park, and a 1.1 MW small hydro power installation. The initiative will create 250 permanent positions and around 1,000 temporary jobs during construction.
The project aligns with the AfDB's High 5s strategy, promoting job creation and supporting local entrepreneurship in Ekiti State. By 2025, ABUAD aims to double its student capacity and produce high-quality graduates equipped with essential skills.
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