The World Bank says Nigeria has received $700 million from the $31.7 billion disbursed as climate financing in the 2022 fiscal year.
In a report titled, ‘World Bank Group Exceeds New Climate Finance Target – $31.7 Billion in Funding for Climate Action’, the World Bank said, “Helping 3.4 million people adapt to a changing climate in Nigeria: Climate change is causing severe water stress in Nigeria, causing droughts to increase in frequency and intensity.
It said the money was disbursed for an Agro-Climatic Resilience in Semi-Arid Landscapes Project that hopes to develop 20 watershed management plans covering all of the northern part of the nation.
The Washington-based institution pointed out that climate change is causing severe water scarcity in Nigeria and could cost the country about 30 per cent of its GDP by 2050, adding that it was 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 report read.
The World Bank also said 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 amount disbursed, the bank said, is a 19 per cent increase from the $26.6 billion it recorded in its last fiscal year.
