In the bid to improve food security in Nigeria, the African Development Bank Group (AfDB) has approved a $50 million loan approval for the Yobe State Environmental and Climate Change Action Project (ECCAP)
AFDB said the funding initiative aims to enhance the lives of over 3.5 million people in the region by addressing climate vulnerabilities and promoting food security.
“The project cost is estimated at $101.34 million with the African Development Bank providing a $50 million loan while the Arab Bank for Economic Development in Africa (BADEA) is expected to provide $30 million in co-financing.
“The Yobe State Government will contribute $4.52 million in counterpart funding, and project beneficiaries are contributing $16.82 million.
“The ECCAP’s project funding totals an estimated $101.34 million. AfDB’s contribution of $50 million is complemented by a $30 million co-financing from the Arab Bank for Economic Development in Africa (BADEA).”
Recall that the bank had earlier granted Nigeria the sum of $134 million to cultivate rice, maize amongst others.
Meanwhile, 72 percent of Yobe state’s population are living below the poverty line, and face severe threats from climate change.
