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  • Business - Economy
  • Updated: December 17, 2021

Nigeria-ACReSAL Project Gets $700 Million Credit From World Bank

Nigeria-ACReSAL Project Gets $700 Million Credit From World

Taking into cognizance the negative impact that global warming has had on the agricultural sector in Nigeria, especially in the northern part of the country, the World Bank approved a $700 million credit from the International Development Association (IDA) for the Nigeria Agro-Climatic Resilience in Semi-Arid Landscapes (ACReSAL) Project.

According to the bank, this credit will help to address the shortage caused by the drought that is currently ravaging farmlands in the country's north.

The project would increase the implementation of reliable landscape management practices in northern Nigeria and solidify the country’s long-term enabling environment for integrated climate-resilient landscape management.

The bank noticed that the productivity of major crops in Nigeria has been on a steady decline over the past two decades, partly due to climate change.

It added that persistent water shortages, occasioned by the extreme northern weather, are worsened by land degradation, desertification, and habitat loss in places such as Lake Chad.

The World Bank's Country Director for Nigeria, Shubham Chaudhuri, was quoted as saying, "Nigeria is faced with water scarcity and droughts that occur every five years, on average, with the potential to increase in frequency due to climate change."

This scenario not only threatens food security, livelihoods, and productivity but also exacerbates fragility and increases the risk of violence. This intervention will enhance multi-sectoral watershed planning and investments in order to assist approximately 3.4 million direct beneficiaries in adapting to changing dryland conditions.

The team at ACReSAL also believes that the project will help uplift the economic lives of the vulnerable and marginalized groups, especially women, youths, the elderly, and those with disabilities.

"This will help reduce the vulnerability of millions of the extreme poor in northern Nigeria, strengthening their own role in the management of their natural resources while also addressing land degradation, strengthening climate resilience, and lessening livelihood vulnerability in dry, semi-arid, and dry sub-humid regions in the northern states."

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