PARIS OLYMPIC GAMES
The African Development Bank Group (AfDB) has granted a $50 million loan to the Yobe State Environmental and Climate Change Action Project (ECCAP) to enhance resilience against climate change and food security in northeast Nigeria.
The 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, a statement from the bank disclosed.
According to the statement, AfDB’s contribution of $50 million is complemented by $30 million in co-financing from the Arab Bank for Economic Development in Africa (BADEA).
On its part, the Yobe State Government is committing $4.52 million in counterpart funding, with an additional $16.82 million coming directly from the project’s beneficiaries.
The statement said: “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. The Yobe State Government will contribute $4.52 million in counterpart funding, and project beneficiaries are contributing $16.82 million.
“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 and 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.”
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