FG, World Bank plan $3.85bn war chest for infrastructure

The World Bank has approved an additional $500 million financing for Nigeria's Agro-Climatic Resilience in Semi-Arid Landscapes (ACReSAL) Project. This funding, set to run until 2031, aims to restore 1.4 million hectares of degraded landscapes and bolster climate resilience in northern states. The project, which has already reached over 4.4 million beneficiaries, is expected to enhance watershed rehabilitation, water management, erosion control, and flood mitigation.

It will also support rural livelihoods and contribute to healthier vegetation, better soil conditions, and increased agricultural productivity for 6.6 million people. This new financing follows a recent $500 million loan application by the Federal Government for the proposed Nigeria Infrastructure Financing and De-Risking Platform for Growth and Jobs.

The project, initiated in 2022, has successfully demonstrated the benefits of climate-resilient landscapes in enhancing livelihoods and food and water security, particularly in regions most vulnerable to climate shocks. The World Bank's Country Director for Nigeria, Mathew Verghis, emphasized the project's role in improving livelihoods, strengthening food and water security, and fostering economic opportunities.