The African Development Bank (AfDB) has approved a $40 million corporate loan for the expansion of the Afe Babalola University (ABUAD) in Ado Ekiti, Nigeria. The expansion exercise involves the construction of new facilities which includes 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.

Speaking at the signing ceremony in Abuja, the Vice Chancellor of the University, Micheal Oluwafemi Ajisafe, explained that the project will improve access to high quality education of more than 10,000 students, create 250 new staff positions, create 1000 temporary jobs across the construction, supplies and consulting value chain, amongst others.

Commenting on the loan, the University’s Bursar, Modupe Babalola, assured AfDB and other lenders that the funds will be administered with honesty, transparency and accountability. The $40 million loan is expected to be paid back within eight years after a three-year grace period.

Anita Fatunji