AfDB Approves $50 Million for Yobe State for Climate Change and Food Security

PLACE YOUR ADVERT HERE

The African Development Bank Group (AfDB) has approved a $50 million loan for the Yobe State Environmental and Climate Change Action Project (ECCAP) to help the state become more resilient to climate change and improve food security in northeast Nigeria.

The funding initiative aims to improve the lives of over 3.5 million people in the region by addressing climate vulnerabilities, promoting food security, and improving livelihoods.

The ECCAP project has a total funding of approximately $101.34 million. AfDB contributes $50 million, BADEA provides $30 million, the Yobe State Government commits $4.52 million, and project beneficiaries contribute $16.82 million directly.

The statement read:
“The Board of Directors of the African Development Bank Group approved a $50 million loan for the Yobe State Environmental and Climate Change Action Project (ECCAP) to enhance climate change resilience, boost food security, and improve livelihoods for over 3.5 million people in northeast Nigeria.
“The project cost is estimated at $101.34 million with the African Development Bank providing a $50 million loan while the Arab Bank for Economic Development in Africa (BADEA) is expected to provide $30 million in co-financing. Yobe State Government will contribute $4.52 million in counterpart funding, and project beneficiaries are contributing $16.82 million.”
72% of Yobe residents living in poverty
Yobe State faces serious environmental and economic challenges due to ongoing communal and insurgency conflicts. With 72% of its population living below the poverty line, the state is highly vulnerable to climate change. The ECCAP project is crucial in addressing these issues by focusing on combating droughts and desertification, empowering women, and supporting the development of small businesses. This includes providing small livestock and efficient cooking stoves.
The statement added
  • In decades past, protracted inter-communal conflicts, especially between herder and farming communities, and armed insurgencies have aggravated the already fragile environmental situation in Yobe, plunging it into rapid economic decline. With 72% of its population living below the poverty line, Yobe is ranked as the state in Nigeria that is most vulnerable to climate change. 
  • “ECCAP will support the federal and state governments in their efforts to respond to the challenges of droughts and desertification, empower women by supplying small ruminants and providing cooking stoves to develop micro, small and medium-sized enterprises, among other interventions. The project will also support the preparation of Yobe State’s Gender Policy. 

“The implementation of a Payment for Ecosystem Services (PES) scheme will incentivize the population to maintain 2 million regenerated trees on farms and support payments for labour and related services to plant and maintain 20 million drought-resistant trees. This project complements the Bank’s and other Development Partners’ ongoing and planned projects to address climate change and promote livelihood improvements in Yobe State.”

AFDB has 50 operations valued at $4.6 billion in Nigeria

AfDB remains committed to Nigeria with a diverse portfolio of 50 operations valued at $4.6 billion. These efforts align with the Bank’s strategic goals and aim to promote sustainable development across Africa.

This is a very practical and granular project that tackles the issues of insecurity, more generally vulnerability, but also food security, and restoration of the degraded environment. It is all about how we build resilient livelihoods. This is a project that shows how we can do that in an integrated way.” 

 

 

PLACE YOUR ADVERT HERE

Popular Related

SEC to unveil plans for capital market

The Director General of the Securities and Exchange Commission (SEC), Emomotimi Agama is set to outline the vision for the Nigerian capital market at...

Lagos mandates tax clearance for housing transactions

The Lagos State Government has mandated that tax clearance will now be an essential document for any housing transactions within the state to prevent...

Food prices will crash soon, FG declares

The Federal Government officially unveiled that high food prices currently burdening the nation would soon crash based on its commitment to ensure food security...

Top 10 Rapidly Growing Sub-Sectors in Nigeria’s Economy for Q1 2024

Nigeria's gross domestic product (GDP) grew by 2.98% in the first quarter (Q1) of 2024, up from 2.31% in the same period in 2023. However,...

Palm oil not good for lubricant production – Oilden CEO

Oluwatoni Oladiran, the Chief Executive Officer of Oilden Energies, has warned against the use of palm oil as a base oil for the production...

Builder’s reject N8,000 cement price

Developers in the built industry have turn down the agreement  between the Federal Government and the Cement Manufacturers. It was fix at the meeting that...

Binance halts naira services amid regulatory concerns

Crypto exchange, Binance, has disclosed that it will cease services supporting naira on its platform. Wakadaily learnt that Binance, which had been accused of manipulating...

FG suspends mining activities at OAU, environs

Dr Dele Alake, the Minister of Solid Minerals Development, has directed an indefinite suspension of mining activities at the Obafemi Awolowo University, Obafemi Awolowo...

FG to continue electricity subsidy to ease burden on Nigerians – NERC

The Chairman of Nigerian Electricity Regulatory Commission (NERC), Mr Sanusi Garba, says the Federal Government will continue to subsidise electricity to ease the burden...

Makinde unveils €25m feed plant in Ibadan

On Thursday, Seyi Makinde, the Governor of Oyo state, has inaugurated a €25m state of the art fish and feed plant facility in Ibadan,...