Nigeria has been able to secure $700 million out of the $31.7 billion that World Bank disbursed as climate financing in its 2022 fiscal year.
The President Muhammadu Buhari-led government secured the credit facility for an Agro-Climatic Resilience in Semi-Arid Landscapes Project that was designed to develop 20 watershed management plans covering all of the northern parts of Nigeria.
According to the lender, Nigeria is experiencing significant water scarcity, which may cost the nation 30% of its Gross Domestic Product (GDP) by 2050. World Bank added that the threat of violent conflict is rising as the livelihoods of millions of people are being negatively impacted by climate change.
The World Bank Group, which has its headquarters in Washington, disclosed this development in a report titled “World Bank Group Exceeds New Climate Finance Target – $31.7 Billion in Funding for Climate Action.”
“Helping 3.4 million people adapt to a changing climate in Nigeria: Climate change is causing severe water stress in Nigeria, which is leading to an increase in the frequency and severity of droughts.
“This affects Nigeria’s economic growth – it could cost the country as much as 30 per cent of its GDP by 2050, affecting the livelihoods of millions of households, worsening food security and livelihoods, and increasing the risk of violent conflict.
“Sustainable landscape management can help boost the resilience of local communities and adapt to changing dryland conditions. A $700m Agro-Climatic Resilience in Semi-Arid Landscapes Project aims to develop 20 watershed management plans covering all of Northern Nigeria.
“It will prioritize investments that can slow desertification while supporting natural resource-based livelihoods, for instance investing in sustainable oases and wetlands can be vital for adaptation and provide alternative incomes for communities.
“The project is designed to ensure community level participation, building local capacity and coordination between different groups, and ensuring transparency across different agencies so that climate solutions also strengthen the institutional systems in place.
“88 per cent of the financing for the project supports activities focused on building climate resilience and adaptation,” the report read.
The World Bank revealed that 2022 is set to rank among one of the 10 warmest years on record with climate impacts threatening to push millions into poverty.
It said it is committed to supporting Nigeria and other developing countries to mitigate greenhouse gas emissions and increase resiliency to climate impacts, while also meeting core development priorities.