Business
ADB Invests N10.21bn In Education, Sector
The Resident Representative, African Development Bank (ADB), Dr Dore Ousmane, said the bank had invested $65 million (about N10.21bn) in science and technology-related projects in Nigeria.
Ousmane told newsmen in Abuja that the projects were meant to enhance studies related to vocational education, science and technology as well to boost the technology sector.
The resident representative said that the bank had two on-going projects and one intended project that would start in the last quarter of 2012.
Ousmane said the on-going projects were 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 the Pan Africa University with courses hosted at the University of Ibadan.
The Resident Representative said that the bank had identified higher education, science and technology as major strategies to tackle the issue of development in Africa.
Ousmane said the projects aimed at addressing the issue of improving higher education were 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.”
Ousmane said the essence of the projects was to create youths with technological knowledge that could move the nation forward “because the way to growth is technology’’.
He said the bank believed that the projects would make a difference in the Nigeria technology sector as it would help to create jobs for the teeming young population.