The World Bank said on Friday, Nov. 6, that it approved $500 million in additional financing for a climate resilience project in northern Nigeria, Reuters reported. A World Bank statement said the money will go to the Agro-Climatic Resilience in Semi-Arid Landscapes project, known as ACReSAL.
What the money pays for
The financing will restore landscapes, rehabilitate watersheds, improve erosion and flood management and build more resilient rural livelihoods, the World Bank said. The project covers 19 northern states and the Federal Capital Territory. By 2031, the work is expected to reach 1.4 million hectares and benefit 6.6 million people, the bank said.
The Federal Ministry of Environment is carrying out the project with the water resources and agriculture ministries, the bank said.
Results so far
Since 2022, the project has introduced sustainable landscape management on about 550,000 hectares and reached more than 4.4 million beneficiaries, the World Bank said.
“This additional financing will help scale up proven solutions, restore more degraded land, increase agricultural productivity, and strengthen institutions that can sustain these gains over the long term,” Mathew Verghis, the World Bank’s country director for Nigeria, said in the statement.
Total investment
The new money follows a $700 million parent project and brings total investment in landscape restoration and climate adaptation in northern Nigeria to $1.2 billion, the Nigerian Tribune reported. The project’s operating period now runs until Nov. 30, 2031, the newspaper reported.
More coverage is in World News.
Sources
- World Bank (via APO Group): Nigeria Boosts Support for Climate Resilience and Sustainable Landscapes
- Reuters (via CNBC Africa): World Bank approves $500 million for Nigeria climate resilience project
- Nigerian Tribune: World Bank approves $500m additional financing for climate resilience in northern Nigeria
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