The African Development Bank (AfDB) has reiterated its commitment to invest $2 billion in the development of the Lake Chad Basin.
AfDB President, Dr. Akinwumi Adesina, disclosed this on Wednesday at the 5th Lake Chad Governors’ Forum in Maiduguri.
Adesina, represented by Dr. Yaro Balde, Director, AfDB Transition States Coordination Office, said the funds would be spent on water security, transportion, environmental, and social projects in Nigeria, Niger, Cameroon, and Chad.
He listed the pressing challenges in the region, to include climate change, population growth and devastating conflicts that led to the displacement of thousands of people.
“The Lake Chad Basin, once a thriving hub of life and opportunity, has faced profound challenges over the past few decades. Yet, amidst these adversities, the resilience and determination of the region’s communities offer a powerful testament to hope and renewal,” the president said.
He said that the AfDB remained committed to supporting stabilization, recovery, and resilience efforts in the region, noting that a Memorandum of Understanding (MoU) was signed in February 2024 with the Lake Chad Basin Commission to reinforce their collaboration.
“The MoU strengthens our joint efforts towards enhancing water security, building community resilience, and fostering regional integration and economic growth,” Adesina said.
He said in 2024, the bank spent $9 million on restoring the Basin’s ecological functions, improving water flow, and promoting sustainable livelihoods, particularly fishing and agriculture.
” Additionally, the bank contributed $18 million to the $38 million CROSSTAR project, which focuses on restoring security, revitalizing local economies, and fostering social cohesion in the Lake Chad Basin.
“As a key donor to the Regional Stabilisation Facility, the Bank has also played a leading role in revising the Regional Strategy for Stabilisation, Recovery, and Resilience to address emerging challenges and ensure long-term sustainability,” the president said.
He reaffirmed the Bank’s commitment to deepening collaboration with governments, civil society, and international partners to drive development in the region.
“For the next five years, the AfDB will continue supporting initiatives that reinforce regional stability, economic development, and environmental sustainability.
“This forum provides a unique opportunity to deepen partnerships and craft bold strategies that leave no one behind,” Adesina said.
NAN reports that the forum, organized by the Yobe government in Maiduguri, was attended by stakeholders across the region, focusing on cross-border cooperation, peacebuilding and sustainable development.(NAN)
