The African Development Bank Group (AfDB) has granted a $50 million loan aimed at fortifying climate resilience, enhancing food security, and uplifting the livelihoods of the people of Yobe State .
PLATFORM TIMES gathered that the loan, sanctioned by AfDB under the Yobe State Environmental and Climate Change Action Project (ECCAP), seeks to tackle pressing challenges faced by the state’s predominantly agrarian community, exacerbated by inter-communal conflicts and armed insurgencies.
Under the ECCAP, a comprehensive project estimated at $101.34 million, AfDB is slated to provide the bulk of the funding, with an allocation of $50 million, while the Arab Bank for Economic Development in Africa pledges $30 million in co-financing.
The Yobe State Government commits $4.52 million as counterpart funding, with project beneficiaries pooling $16.82 million.
Yobe State, grappling with the harsh realities of climate change, witnesses 72 per cent of its population living below the poverty line.
The ECCAP aims to address this dire situation by supporting federal and state government initiatives to combat droughts, desertification, and empower women through various interventions, while also bolstering environmental conservation measures.
AfDB President Akinwumi Adesina lauded the project’s multifaceted approach in addressing insecurity, climate vulnerability, and food insecurity, ultimately aiming to build resilient livelihoods.
Lamin Barrow, Director General of the Nigeria Country Department of the AfDB, highlighted the ECCAP’s contribution to Nigeria’s climate and Sustainable Development Goals, emphasizing its potential to reduce vulnerability to climate shocks and enhance the resilience of local communities.
Martin Fregene, Director of the Bank’s Agriculture and Agro-Industry Department, emphasized the project’s unique focus on sustainability, including afforestation efforts, development of Micro, Small and Medium Enterprises, and the introduction of clean cooking technologies.
The ECCAP also aims to implement a Payment for Ecosystem Services scheme, incentivizing tree regeneration and maintenance efforts, with plans to foster the growth of two million trees on farms and facilitate the planting and upkeep of an additional 20 million drought-resistant trees, thus providing employment opportunities and contributing to carbon sequestration efforts.
The ECCAP project aligns with AfDB’s broader strategy to support Nigeria’s development goals, with a current portfolio of 50 operations totaling $4.6 billion, spanning various priority areas, as noted in the statement.
Do you want to share a story with us? Do you want to advertise with us? Do you need publicity for a product, service, or event? Contact us on WhatsApp +2348183319097 Email: platformtimes@gmail.com
