By Jelili Gbadamosi
The World Bank has approved a $500 million loan to support Nigeria’s efforts to tackle flooding, rehabilitate degraded farmland and improve livelihoods across 19 northern states and the Federal Capital Territory.
The financing, approved under the Agro-Climatic Resilience in Semi-Arid Landscapes (ACReSAL) Project, is expected to benefit approximately 6.6 million people by 2031.
According to a statement published on the World Bank’s website on Wednesday, the additional funding will support the restoration of 1.4 million hectares of degraded land, alongside watershed rehabilitation, erosion control and improved water management.
The intervention is also expected to strengthen climate resilience, boost agricultural productivity and reduce conflicts between farmers, herders and rural communities over natural resources.
The World Bank said the funding would build on the achievements of the existing ACReSAL project, launched in 2022 to address environmental degradation and climate vulnerabilities in northern Nigeria.
It disclosed that the programme had already introduced sustainable landscape management practices across approximately 550,000 hectares and reached more than 4.4 million beneficiaries.
The World Bank Country Director for Nigeria, Mathew Verghis, said the additional financing would enable the government to expand climate-resilience interventions that had recorded positive results in vulnerable communities.
He said the investment would help restore degraded landscapes, strengthen food and water security, improve livelihoods and increase agricultural productivity.
Similarly, the ACReSAL Task Team Leader, Iganya Agene, said the funding would translate existing institutional reforms and planning into larger investments capable of creating economic opportunities.
The project is being 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.
Meanwhile, Nigeria’s outstanding debt to the World Bank rose from $14.34 billion in March 2023 to $20.73 billion as of June 30, 2026, according to figures published by the Debt Management Office.
The increase represents approximately $6.39 billion, or 44.6 per cent, within the period.
The World Bank accounted for 38.02 per cent of Nigeria’s total external debt stock of $54.52 billion as of June 2026.
