The African Development Bank Group (AfDB) has approved a $50 million loan approval for the Yobe State Environmental and Climate Change Action Project (ECCAP) toward bolstering resilience against climate change and improving food security in northeast Nigeria.
According to a statement on Tuesday from the bank, this funding initiative aims to enhance the lives of over 3.5 million people in the region by addressing climate vulnerabilities, promoting food security, and improving livelihoods.
About the Loan Project
The ECCAP’s project funding totals an estimated $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).
Moreover, the Yobe State Government commits $4.52 million in counterpart funding, with an additional $16.82 million coming directly from the project’s beneficiaries.
Recommended reading: Hardship: AfDB grants Nigeria $134 million to cultivate rice, maize, others
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’s precarious situation, marked by persistent communal and insurgency conflicts, has exacerbated its environmental and economic challenges.
The state, where 72% of its populace lives beneath the poverty line, faces severe threats from climate change, making the ECCAP’s mission crucial. The project focuses on combating droughts and desertification, empowering women, and supporting the development of MSMEs through various means, including providing small ruminants 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
The AfDB’s ongoing commitment to Nigeria includes a diverse portfolio of 50 operations worth $4.6 billion, aimed at achieving the Bank’s strategic priorities and supporting sustainable development across the African continent.
In the statement, AfDB president, Dr Akinwumi Adesina, said:
- “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.”
Recommended reading: AfDB begins disbursement of $540 million Agro-Industrial Funds nationwide
