Project General Description
This project involves a corporate loan of up to US $ 40 million to finance the expansion project of Afe Babalola University (ABUAD) in Ado Ekiti, Nigeria. ABUAD is a private university established in 2010 in Ado-Ekiti, southwestern Nigeria, to address the mismatch between academic programs and the demands of the labor market in the country. This university comprises five faculties for undergraduate students (Science, Social Sciences and Management, Law, Engineering, Medicine and Health Sciences) and a graduate school. The expansion project involves the construction of new facilities, namely a 400-bed university hospital, an industrial research park, a graduate school, university campuses, a central library, a mini hydro-electric power station and strengthening the administrative and governance structures of ABUAD. The Bank's loan to the project will reinforce the momentum of the institution's efforts towards the development of the higher education sector.
The direct beneficiaries of the intervention are FSDH Merchant Bank Limited (FSDH), the Federal Government of Nigeria, as well as the people. While increasing access to quality education for more than 10,000 students, the project will help provide more than 12,000 highly qualified and perfectly equipped for the job market, not to mention the more than 2,400 trained farmers who will benefit from its agricultural training and entrepreneurship programs.