Goodnews as AfDB approves $50m loan to boost climate resilience, food security
The African Development Bank Group has approved a $50m loan to fortify climate resilience, enhance food security and improve the livelihoods of people in Yobe State.
The loan was approved by AfDB to the Yobe State Environmental and Climate Change Action Project.
In a statement sent to PUNCH Healthwise, the project was estimated at $101.34m and the AfDB is meant to provide the lion’s share of the funding, while the Arab Bank for Economic Development in Africa is to contribute $30m in co-financing.
Additionally, the Yobe State Government will chip in $4.52m as counterpart funding, while the project beneficiaries will pool $16.82m.
Yobe, a mainly agricultural state grappling with inter-communal conflicts and armed insurgencies, is severely affected by climate change, with 72 per cent of its population living below the poverty line.
According to the statement, the ECCAP project seeks to support federal and state government efforts to combat droughts and desertification, empower women through various interventions, and bolster environmental conservation measures.
In his remarks, the AfDB president, Akinwumi Adesina, emphasised the project’s multifaceted approach to addressing insecurity, climate vulnerability, and food insecurity, and ultimately building resilient livelihoods.
The Director General of the Nigeria Country Department of the AfDB, Lamin Barrow, noted that the ECCAP project contributed to Nigeria’s climate and Sustainable Development Goals, emphasising its potential to reduce vulnerability to climate shocks and enhance the resilience of local communities.
The Director of the Bank’s Agriculture and Agro-Industry Department, Martin Fregene, underscored the project’s unique focus on sustainability, including afforestation efforts, Micro, Small and Medium Enterprises development, and the introduction of clean cooking technologies.
The statement further noted that the project aimed to implement a Payment for Ecosystem Services scheme, which incentivises tree regeneration and maintenance efforts.
“This initiative aims to foster the growth of two million trees on farms and facilitate the planting and upkeep of an additional 20 million drought-resistant trees, providing employment opportunities and contributing to carbon sequestration efforts.
“The ECCAP project aligns with the Bank’s broader strategy to support Nigeria’s development goals, with a current portfolio of 50 operations totalling $4.6bn, spanning various priority areas,” it noted.
