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HomeNewsNigeria to receive US $70m loan for a road project in Ebonyi...

Nigeria to receive US $70m loan for a road project in Ebonyi State

The African Development Bank Group has approved a US $70 m loan for a road project in Nigeria’s southeastern Ebonyi State, with the aim of improving the quality of life of Africans by improving accessibility and road safety in its member countries.

The loan would cover the rehabilitation and asphalting of a 51km road between Nwezenvi and N’Doko, and part of the corridor between N’Doko and Ezzamgbo spanning 38.91 km, the bank stated.

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The bank said it will provide US $40m of the total loan, while Africa Growing Together Fund would contribute another US $30 m. Additionally, the Islamic Development Bank will provide a loan of US $80m, while Ebony State Government would add the remaining US $18m in a project estimated at US $168m.

Once completed, the road network, which will cover a total 177.81 km, is expected to serve also as an international link between Ebonyi State and Nigeria’s eastern neighbour, Cameroun, in addition to connecting Ebonyi to Benue and Enugu. The project is expected to be completed in five years. President Muhammadu Buhari has commended the Bank for its successes and pledged Nigeria’s continuous support for the institution.

“I want to recognize the support that the African Development Bank has given Nigeria in recent times. I remember the Bank’s critical gesture in 2016 during the difficult period of economic recession through a US $600m budget support facility. We appreciate this and assure you that we will continue to work towards a diversified Nigeria,” said the president.


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