The World Bank has approved a loan package of N31.14 billion (US $200 million) credit facility for Nigeria to improve Oyo State’s disaster risk management capabilities.
The facility is expected to strengthen community-based resilience capacity, and provide support for risk assessment and early warning systems in Ibadan.
A statement from the World Bank said the project investments will have considerable long term benefits such as improved city functioning and less impacts of flooding on livelihoods and other socio-economic activities in the city.
Marie-Francoise Nelly, World Bank Country Director for Nigeria said”Nigerian cities are growing at a scale never seen before and are exposing more people to disaster impacts. Floods and other climate-related shocks are a severe threat to the achievement of the country’s development goals.
“It is critical that these cities are able to face these significant challenges, and prepare for potential natural disasters and climate change.”
The statement noted that the Oyo State Government had requested the World Bank’s support to finance a flood management project, in recognition of the need for an integrated and long term solution to flooding in Ibadan.
The World Bank stated that the Ibadan Urban Flood Management project will benefit the 3.1 million people living in the city, specifically the 40,200 who reside in flood prone areas.
It maintained that the project will establish early warning and flood response actions and will also finance the rehabilitation of Ibadan city drains, roads and bridges, as well as restoring the flood damaged Eleyele dam.
The World Bank added that the project will also develop a long-term flood risk management framework, adding that it reinforces Oyo State government’s early warning and response capabilities and leverages existing World Bank projects such as the Community and Social Development Project, CSDP in Oyo
