World Bank pumps $500m into Nigeria’s fight against floods

The funding, under the Agro-Climatic Resilience in Semi-Arid Landscapes Project, will cover 19 northern states and the Federal Capital Territory.

The intervention is expected to restore 1.4 million hectares of degraded land and benefit about 6.6 million people by 2031. It will also support flood control, erosion management, watershed rehabilitation and improved access to water resources.

The World Bank said the programme would build on the achievements of the existing project, launched in 2022, which has introduced sustainable land management practices across 550,000 hectares and reached more than 4.4 million people.

The bank’s Country Director for Nigeria, Mathew Verghis, said the additional funding would expand successful interventions and strengthen food and water security in communities exposed to climate-related risks.

He added that restoring degraded landscapes and improving agricultural productivity would also help reduce tensions between farmers, herders and other rural communities competing for land and water.

The project is being implemented by the Federal Ministries of Environment, Water Resources and Sanitation, and Agriculture and Food Security.

Meanwhile, the latest approval comes amid growing concerns over Nigeria’s external debt.

Figures from the Debt Management Office show that the country’s outstanding obligations to the World Bank increased from $14.34bn in March 2023 to $20.73bn by June 30, 2026, representing a rise of $6.39bn, or 44.6 per cent.

The World Bank accounted for 38.02 per cent of Nigeria’s total external debt of $54.52bn at the end of June 2026, making it the country’s largest multilateral creditor.