AfDB approves $250mn loan to Nigeria to invest in water supply, build tech village

In December last year, the African Development Bank’s board of directors approved an amount of around USD 124.2 million loan to finance the Urban Water Sector Reform and Akure Water Supply and Sanitation Project in Nigeria.

Recent reports suggest the African Development Bank has set aside USD 250 million to pump out fund in water supply and sanitation for satellite towns in Nigeria’s Federal Capital Territory. The investment is also to resolve n helping to build a technology village.

Ebrima Faal, Senior Director of AfDB, revealed when visited FCT Minister of State, Ramatu Aliyu in Abuja, Austine Elemue, Special Assistance on Media to the minister said in a statement on Sunday in Abuja, APA News stated. He quoted Faal as also saying that AfDB would also invest in the development of Abuja Technology Village.

Elemue explained that a number of studies were ongoing in various components of the integrated project including ICT, fashion and infrastructural development. He expressed satisfaction that over 20,000 hectares of land had been made available for the development of Special Agro-industrial Processing Zones for job creation and poverty reduction in the nation’s capital.

According to him, the bank will work with co-financiers to achieve the objectives. “Giving the nature of the budget both in terms of water and sanitation, we are thinking of working together with the Climate Funds, the Great Climate Funds to come in as co-financiers,” he said.