Funding Stalls Great Green Wall Projects

the Sovereign Wealth Funds (SWFs)
  • Funding Stalls Great Green Wall Projects

The inability of the Federal Government to raise funds from the Sovereign Green Bond may have stalled the execution of four proposed major projects in 2017 budget by National Agency for Great Green Wall (NAGGW).

The Agency budgeted N1.354billion for dry land restoration through massive afforestation programme monitoring and evaluation, promotion of alternative livelihoods, but only N200million was release last month.

The Guardian learnt that agency has initiated ‘Action Against Desertification’, aimed at planting of 485 hectares of Gum Arabic, Baobab trees for restoration of degraded land in Bauchi, Jigawa and Sokoto states.

According to sources, NAGGW is embarking on planting of 1.6 million assorted seedlings to cover 129.3 kilometres of the shelterbelt in seven (7) states, and also wants to increase some projects in frontline states.

Desertification has emerged as a major planetary threat with particularly daunting challenges for northern states, which necessitated the establishment of woodlots and mosaic shelterbelts in Adamawa, Bauchi, Gombe and Kano states.

It affects about natural resources conservation and development, and agency’s initiative is expected to lead to sustainable management of land, water and plant two million hectares of cropland.

Efforts to confirm the development from the NAGGW Director General, Goni Ahmed proved abortive. But sources further revealed that agency’s activities have been hindered because lack of funds from Budget Office as out of N1.05billion approved in 2017 budget allocation, only N200million, representing 20 per cent given to the agency.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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