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Business News of Tuesday, 10 May 2022


Buhari activates $19bn climate fund, seeks AfDB, World Bank support

The President, Major General Muhammadu Buhari (retd.) The President, Major General Muhammadu Buhari (retd.)

The President, Major General Muhammadu Buhari (retd.), on Monday May 9, activated a $19bn fund which will be used for land restoration, tree planting, development of climate resilience infrastructure and investments in small and medium-sized farms.

He, therefore, urged the World Bank, African Development Bank, and other partners to support the One Planet Summit initiative.

Buhari spoke at a side event he convened at the ongoing United Nations Conference Of Parties in his capacity as the President of the Conference of Heads of State and Governments of the member states.

This was contained in a statement by the Senior Special Assistant to the President on Media and Publicity, Garba Shehu, titled, ‘President Buhari tasks world bank, AfDB, others to support one planet summit initiative, activates $19bn fund.’

He said,  “The inter-basin transfer of water from Central Africa to the Lake Chad should be taken seriously.” He asked the secretariat of the agency, funders, and the soon-to-be appointed consultant to carry out the measure as a way of restoring the socio-economy of the more than 30 million people of the Lake Chad basin area.

“As it is at the present, the drying up of the Lake Chad had destroyed fish farming, animal husbandry, and crop agriculture leading to social and economic dislocation with serious consequences for peace in the basin area.

“This has led to migration to Europe by many, creating problems for you over there. These should engage your attention as a committee.”