Nigeria gets new $98m Islamic bank loan for education

The Board of Executive Directors of the Islamic Development Bank (IsDB) has approved a $98 million loan to promote multilingual education in Nigeria.

Head of Public Relations and Protocol at the Universal Basic Education Commission (UBEC), Mr David Apeh, stated this in a statement published in Abuja Wednesday.

He said the project’s goal was to help improve Nigeria’s socioeconomic situation, provide inclusive education, and encourage bilingual education.

Adamawa, Borno, Gombe, Kaduna, Kano, Kwara, Nasarawa, Niger, and Osun are the nine states that would profit from the initiative, he said.

Apeh added that the major components of the project were to create access to basic education, improve quality and enhance the management capacity of school administrators.

He stated that in all, 30 bilingual education boarding schools are to be constructed in the nine states, which would help boost enrolment and reduce the Out-of-School-Children (OOSC) syndrome as well as expose learners to the knowledge of Information and Communications Technology (ICT).

“Another important feature of this project is the Awqaf and Istisnaa embedded to provide real estate business for sustainable income for the programme.

“The project is being coordinated at the national level by Universal Basic Education Commission (UBEC), National Coordinating Unit (NCU) with supervision by the Federal Ministry of Education and Federal Ministry of Finance,” he said.

(Ripples Nigeria)