World Bank plans $5 billion investment in Nigeria, other 10 African countries

0

The World Bank on Monday said it would invest over $5 billion over the next five years to help restore degraded landscapes, improve agriculture productivity, and promote livelihoods in 11 African countries as they recover from the COVID-19 pandemic.

World Bank Group President David Malpass said the investment would help improve livelihoods as those countries recovered from the outbreak and dealt with the impact of biodiversity loss and climate change through 2025.

Malpass announced the aid at the One Planet Summit, a high-level meeting co-hosted with France and the United Nations that is focused on addressing climate change and biodiversity loss.

The money will fund interventions in agriculture, water, community development, food security, resilient infrastructure, landscape restoration, and renewable energy, Malpass said.

The funds would benefit countries in the Sahel region, Lake Chad and Horn of Africa, the Bank said in a statement. The countries are Burkina Faso, Chad, Djibouti, Ethiopia, Eritrea, Mali, Mauritania, Niger, Nigeria, Senegal and Sudan.

Malpass said the World Bank’s PROGREEN global fund dedicated to boosting countries’ efforts to address landscape degradation would add $14.5 million for projects in Burkina Faso, Chad, Mali, Mauritania, and Niger.

He said the Sahel region, in particular, was one of the most vulnerable to desertification and land degradation, with temperature increases projected to be 1.5 times faster than the global average. Eighty percent of farmlands in the region were degraded and about 30 million people food insecure, he said.

Malpass said investing in restoring the Sahel’s landscapes was crucial to mitigate these trends. COVID-19 was exacerbating poverty levels, with extreme poverty rates in the Sahel expected to increase for the first time in decades, by 1.5 percentage points on average in 2020. This translated into 1.23 million additional people who were extremely poor in the Sahel region.

SHARE
Previous articleFG orders closure of roads, Federal Secretariat to celebrate Armed Forces Day
Next articleUmahi pledges to abide by peace pact with political opponents, urges supporters to cease attacks
Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

This site uses Akismet to reduce spam. Learn how your comment data is processed.