World Bank disburses seven hundred million dollars to Nigeria as climate financing
Written by Olarotimi Oshin on September 8, 2022
The World Bank has disbursed $31.7bn as climate financing in its 2022 fiscal year. It stated that this is a 19 per cent increase from the $26.6bn it recorded in its last fiscal year.
According to world bank, lending for climate-related investments has reached 36 per cent or $31.7bn, exceeding its new climate finance target of 35 per cent as outlined in the 2021-2025 World Bank Group Climate Change Action Plan.
It added that Nigeria has gotten $700m from $31.7bn it disbursed for an Agro-Climatic Resilience in Semi-Arid Landscapes Project that hopes to develop 20 watershed management plans covering all of the northern part of the nation.
According to the bank, climate change is causing severe water scarcity in Nigeria and could cost the country about 30 per cent of its GDP by 2050.
UPLOADED BY JESUTOMIKE AKOMOLAFE