October 22, 2018

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AfDB To Invest $50bn In Africa

AfDB To Invest $50bn In Africa

In an attempt to ensure that Africa is in compliance with the Paris declaration on Climate Change, the chairman of the House Committee on Climate Change, Hon Sam Onuigbo, has said that Nigeria cannot but realise the devastating effect of climate change on man and the environment.

This is just as the African Development Bank (AfDB) resolved to invest about $50 billion dollars in Africa to check the effects of climate change in the next 10 years while also pledging its commitment to light up Africa in the next 10 years through sustainable food security, integrate Africa with two per cent increase in resources, industrialist Africa and improve the quality of lives of Africans. This was made known during a roundtable discussion titled “Pursuing a Legislative Agenda to Enhance Nigeria’s Climate Change” organised by the House of Representatives Committee on Climate Change in Abuja, yesterday.

Chairman of the session who is also the Chairman House committee on Climate Change, Hon Sam Onuigbo said, “Following the agreement in Paris, every UNFCCC member including Nigeria, is expected to ratify the Paris agreement and initiate programme to actualise NDCs. Nigeria intends contributions target of 20-45percent reduction in emission between 2015 and 2030”. President of AfDB, Dr Akinwumi Adesina, who was represented by the AfDB Head of Climate Change, Anthony Iyong, maintained that climate change is a big threat to the world in general and Africa in particular. He said, “Climate change is a real threat to the continent and will cost Africa seven per cent of her gross domestic product GDP”. The AfDB informed stakeholders that a lot of funding have been made available to fight the scourge, adding that Africa due to one reason or the other, has not been able to tap the resources… Read more

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