Benue Secures €25m EIB Loan for 500km Road Construction

Benue State has secured a €25 million loan from the European Investment Bank (EIB) to fund the construction of 500 kilometers of roads across the state. Stephen Numbeve, the State Coordinator of Benue Rural Access and Agricultural Marketing Project, confirmed this development in Makurdi on Thursday.

Numbeve announced that all necessary paperwork has been finalized, paving the way for construction to commence immediately upon the disbursement of funds. He highlighted that designs for 300 kilometers of roads have been completed, with ongoing efforts underway for the remaining 200 kilometers.

The road infrastructure project is expected to cover 53 road networks throughout Benue State. Numbeve also mentioned that the €25 million loan is part of a larger initiative involving six states in Nigeria, each receiving €25 million from the EIB. While the funds are yet to be disbursed, all necessary agreements have been signed, including approvals by the Minister of Finance.

“We anticipate that disbursements will occur this June, enabling us to expedite the commencement of construction,” Numbeve stated. “The project is crucial for enhancing both rural and township road networks, facilitating better connectivity and socio-economic development across the state.”

This initiative marks a significant step towards addressing infrastructural challenges in Benue State, aiming to improve accessibility and stimulate economic activities within local communities.

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