AfDB Allocates $50 Million to Boost Climate Resilience and Food Security in Yobe State

AfDB, FCMB Sign $50m Agreement for Line of Credit to Bolster Access to Finance for Small, Medium and Women-Owned Businesses

The African Development Bank Group (AfDB) has approved a significant financial package of $50 million to support the Yobe State Environmental and Climate Change Action Project (ECCAP), aimed at fortifying resilience against climate change impacts and enhancing food security in northeast Nigeria.

This funding initiative, as announced by the bank on Tuesday, is poised to uplift the lives of over 3.5 million people in the region by addressing climate vulnerabilities, promoting food security, and fostering livelihood improvements.

Loan Project Breakdown:
The ECCAP project’s total funding amounts to approximately $101.34 million, with AfDB’s contribution of $50 million being supplemented by a $30 million co-financing from the Arab Bank for Economic Development in Africa (BADEA). Additionally, the Yobe State Government has committed $4.52 million in counterpart funding, with an additional $16.82 million sourced directly from the project’s beneficiaries.

Challenges in Yobe State:
Yobe State, plagued by persistent communal conflicts and insurgency, faces exacerbated environmental and economic hardships. With 72% of its population living below the poverty line, the state grapples with severe climate change threats, making the ECCAP initiative all the more critical.

Project Objectives:
The ECCAP project aims to combat droughts and desertification while empowering women and supporting the growth of Micro, Small, and Medium-sized Enterprises (MSMEs). Strategies include providing small ruminants and efficient cooking stoves. Notably, the project also supports the formulation of Yobe State’s Gender Policy.

Payment for Ecosystem Services (PES) Scheme:
To incentivize environmental conservation efforts, the project will introduce a Payment for Ecosystem Services (PES) scheme. This initiative aims to maintain 2 million regenerated trees on farms and incentivize the planting and maintenance of 20 million drought-resistant trees.

AfDB’s Commitment to Nigeria:
The AfDB’s commitment to Nigeria extends to a diverse portfolio of 50 operations valued at $4.6 billion. These projects align with the Bank’s strategic priorities and contribute to sustainable development initiatives across the African continent.

AfDB President’s Remarks:
Dr. Akinwumi Adesina, President of AfDB, commended the project’s comprehensive approach, emphasizing its focus on addressing insecurity, vulnerability, food security, and environmental restoration. He lauded the project as a model for building resilient livelihoods in an integrated manner.

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