African Development Bank invests N10.21bn in Nigeria

AfDB targets technological development as part of the bank’s medium term strategy for job creation in Africa.

 

The Resident Representative of the African Development Bank, Dore Ousmane, on Wednesday said the bank had invested $65 million (about N10 billion) in science and technology-related projects in Nigeria.

Mr. Ousmane said in Abuja that the projects are meant to enhance studies related to vocational education, and science and technology, as well as boost the technology sector.

The resident representative said that the bank has two on-going projects and one intended project that would start in the last quarter of 2012.

Mr. Ousmane said the on-going projects are in the African University of Science and Technology in Abuja and the Skills Training and Vocational Development Project for students.

He said the intended project would be with the Pan Africa University with courses hosted at the University of Ibadan.

The Representative said that the bank has identified higher education, science, and technology as major strategies to tackle the issue of development in Africa.

He said the projects, aimed at addressing the issue of improving higher education, are part of the bank’s medium-term strategies to improve the labour market in Africa.

“The bank is getting on a trend toward addressing skills building and knowledge transfer; therefore, the bank is now putting together a new strategy for Nigeria.

“In the context of that strategy we intend also to address skills shortage because this has been a hindrance to increasing growth in Africa,” he said.

Mr. Ousmane said the essence of the projects is to create young people with technological knowledge that can move the nation forward.

He said the bank believes that the projects would make a difference in the Nigerian technology sector as it would help to create jobs for the teeming young population.

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