World Bank approves $500 million Nigeria climate resilience financing

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Highlights

World Bank approves $500 million additional financing for Nigeria's ACReSAL project to restore 1.4 million hectares and benefit 6.6 million people by 2031.
Since 2022, ACReSAL has adopted sustainable practices on 550,000 hectares and exceeded its catchment management targets, reaching over 4.4 million beneficiaries.
Expanded funding aims to raise household incomes, reduce farmer-community-herder conflicts, and lower flooding risks across 19 northern states and the Federal Capital Territory.

Funding expansion and delivery targets

As reported by the World Bank, the new financing will support Nigeria's Agro-Climatic Resilience in Semi-Arid Landscapes, or ACReSAL, project as it expands work on degraded land restoration, water management and community resilience across the north.

By 2031, the funding is expected to help restore landscapes and rehabilitate watersheds across 1.4 million hectares, while benefiting 6.6 million people. The program also aims to improve erosion and flood management, strengthen rural livelihoods and raise agricultural productivity in vulnerable communities.

Mathew Verghis, the World Bank's country director for Nigeria, said the project has shown that investment in climate-resilient landscapes can improve livelihoods, food security and water security in areas most exposed to climate shocks. He said the added funding will scale up proven measures, restore more degraded land and reinforce institutions needed to sustain the gains over time.

Progress since 2022 and regional impact

Since 2022, ACReSAL has introduced sustainable landscape management practices on about 550,000 hectares and has exceeded its target for improved catchment management, according to the project details. It has also reached more than 4.4 million beneficiaries across northern Nigeria.

Officials expect the expanded program to increase household incomes, reduce conflict among farmers, communities and herders, and improve vegetation and soil health. Lower flooding risks and fewer related fatalities are also among the expected outcomes as the project continues across the 19 northern states and the Federal Capital Territory.

ACReSAL is implemented by the Federal Ministry of Environment in collaboration with the Federal Ministry of Water Resources and Sanitation and the Federal Ministry of Agriculture and Food Security. The project is designed to help protect the natural resource base that supports economic growth and food security while strengthening resilience to climate change.

Our earlier coverage of United Nigeria Airlines’ plan to raise up to N20 billion via Series 1 and 2 commercial paper explained how the carrier intended to fund fleet expansion and increase operational capacity. We also noted that, if completed, the fundraising could strengthen its presence in Nigeria’s domestic market and intensify competition in local air travel.

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