Economy
Nigeria to Benefit $70bn From Climate Change Investment Fund
The International Finance Corporation (IFC) has revealed that Nigeria will get a share of $70 billion from the $1 trillion Climate Change Investment Fund designed for African countries.
Amid the incessant flooding experienced across many parts of Nigeria, an arm of the World Bank, the International Finance Corporation (IFC) has revealed that Nigeria will get a share of $70 billion from the $1 trillion Climate Change Investment Fund designed for the African countries.
It will be recalled that the International Finance Corporation has designed a $1 trillion investment potential in renewable energy, resource efficiency and climate change adaptation to combat the adverse effects of climate change.
Although the IFC fund is a ten years investment fund with an annual benchmark of $100 billion, African countries however want the fund to be scaled up to $1.3 billion owing to the enormous challenges of climate change in Africa.
Investors King learnt that the adverse effects of climate change which include flooding has caused a lot of havoc in Nigeria.
According to the World Bank, sea levels have been on the rise along the coast of Nigeria. This has therefore been causing incessant flooding in many parts of the Niger Delta.
Recently, several communities in the Niger Delta region have been washed away, leaving many people dead and thousands displaced. Dangerous reptiles such as pythons have also found their way into the communities.
The ravaging flood which has cut off parts of the East-West Road has left many travellers stranded while some have resulted in the use of canoes to cross to the other side of the road to continue their journey.
Similarly, several farmlands have been flooded in the North East and North West parts of the country. According to the Minister of Humanitarian Affairs, the havoc occasioned by the incessant flooding has created another emergency situation for the country.
The United Nations Children’s Fund (UNICEF) claimed that more than 600 people have lost their lives while about 1.3 million have been displaced across Nigeria as a result of the devastating floods.
The International body further stated that all hands must be on deck to salvage the situation which could lead to more hardship for millions of Nigerians if not collectively and holistically addressed.