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Nairametrics

Nigeria may seek more funds from World Bank to battle erosion

Onome Ohwovoriole by Onome Ohwovoriole
December 31, 2017
in Uncategorized
World Bank issues statement explaining Buhari’s request to focus on the North
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Minister of Environment Mallam Ibrahim Jubril has hinted that Nigeria may seek more funding NEWMAP project. He also disclosed that 12 new states would be added to the programm, while the Federal Government was about concluding discussions with the World Bank for additional financing.

What is the NEWMAP project  about ?

The Nigeria Erosion and Watershed Management Project (NEWMAP) is a collaborative effort between  the Federal Ministry of Environment in concert with the World Bank and its partner agencies have designed the Nigeria to address  gully erosion in the south east as well as land degradation in the North.

Initial funding was for seven states namely Abia, Anambra, Cross River, Ebonyi, Edo, Enugu and Imo. The Project has further scaled out to twelve states in Nigeria including: Delta, Oyo, Sokoto, Gombe, Plateau, Kogi, Kano, Akwa Ibom, Borno, Nasarrawa, Katsina and Niger states.

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Why this is major

Erosion leads to loss of lives, lands and properties in the Country. This also has a negative effect on the economic well being of those living in the affected areas. Land degradation in the North leads to migration to other parts of the country and pressure on land.  This in turn leads to conflict between host communities and migrants. Crisis again leads to loss of life and property. Various communities in the country have had clashes with Fulani herdsmen.

About the World Bank

The World Bank is an international finance institution that provides loans to countries for capital programs. The bank was created in 1944 at the Bretton Woods conference alongside the International Monetary Fund (IMF).

The World Bank Group comprises five constituent institutions: the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), the International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA), and the International Centre for Settlement of Investment Disputes (ICSID).


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Tags: Federal Goverment of Nigeria FGNNEWMAPNews ReviewWorld Bank
Onome Ohwovoriole

Onome Ohwovoriole

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com

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