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The African Development Bank Group (AfDB) has given the green light for a $50 million loan for the Yobe State Environmental and Climate Change Action Project (ECCAP) to strengthen resilience against climate change and enhance food security in northeast Nigeria.
As per a statement from the bank on Tuesday, this funding initiative aims to improve the lives of over 3.5 million people in the region by addressing climate risks, promoting food security, and enhancing livelihoods.
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About the Loan Project
The ECCAP project has a total funding of around $101.34 million. AfDB’s contribution of $50 million is complemented by a $30 million co-financing from the Arab Bank for Economic Development in Africa (BADEA).
Additionally, the Yobe State Government is contributing $4.52 million in counterpart funding, with an extra $16.82 million coming directly from the project’s beneficiaries.
Yobe State’s Challenges
Yobe State faces numerous challenges due to ongoing communal and insurgency conflicts, exacerbating environmental and economic issues. With 72% of its population living below the poverty line, the state is highly vulnerable to climate change, making ECCAP’s mission vital.
The project focuses on tackling droughts, empowering women, and supporting the development of micro, small, and medium-sized enterprises (MSMEs), among other initiatives.
The ECCAP will also support the federal and state governments in responding to droughts and desertification, empowering women through various interventions, and preparing Yobe State’s Gender Policy.
Moreover, it will implement a Payment for Ecosystem Services (PES) scheme to encourage tree regeneration and support the planting and maintenance of drought-resistant trees.
AfDB’s Commitment to Nigeria:
AfDB’s dedication to Nigeria includes a diverse portfolio of 50 operations valued at $4.6 billion, aimed at achieving the Bank’s strategic goals and promoting sustainable development across Africa.
AfDB President, Dr. Akinwumi Adesina, emphasized the project’s significance in addressing insecurity, vulnerability, and food security while restoring the degraded environment. He highlighted the project’s integrated approach to building resilient livelihoods.
